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JPMorgan Says Bitcoin Miner Sales May Keep Pressuring Price

Bitcoin Mining at Russian CryptoUniverse Farm

Source: Bloomberg

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Bitcoin miners needing to sell could weigh on the token’s price for some time, according to JPMorgan Chase & Co.

Public-listed miners -- which account for about 20% of the total -- have already reported Bitcoin sales in May and June to increase liquidity, meet costs and possibly deleverage, JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note Friday. Privately-held miners may have sold a larger share of their block rewards from mining activity to meet ongoing costs and could be less levered given their more limited access to capital markets, they said.