Digital asset research institution 10x Research released a research report last Friday, indicating that the cryptocurrency market may face significant challenges during a six-month “summer” calm period as Bitcoin miners prepare to sell off their large inventory of BTC. The accumulated inventory over the past few months may disrupt market dynamics.
According to 10x Research, this is a typical scenario before the Bitcoin halving, where miners hoard Bitcoin, leading to a supply-demand imbalance and a subsequent price rebound. In this situation, altcoins may be particularly affected.
Based on 10x Research’s calculations, miners may liquidate $5 billion worth of Bitcoin after the halving. Markus Thielen, the founder of 10x Research, stated that the negative impact caused by this sell-off may last for four to six months, explaining why Bitcoin may experience sideways fluctuations in the coming months, similar to what has been observed after previous halvings.
According to CoinMarketCap data, at the time of this article’s publication, there are less than 5 days left until the Bitcoin halving.
Related reports: “21Shares Report: What’s Different About the Fourth Bitcoin Halving?” “Marathon CEO: Partial Reflection of Bitcoin Halving Rebound” “Cantor Fitzgerald Report: 11 Listed Mining Companies May Struggle to Profit from Mining Business after Bitcoin Halving”
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