The reason for bitcoin price fall could be the sale of mined coins initiated by miners. The cryptocurrency sank 10% per day and continues to decline.

Bitcoin, which recently stormed the $12,000 mark, suddenly fell by 10%. The actions of the miners who decided to sell the mined coins at a local maximum could provoke the fall in the cryptocurrency rate. According to the CryptoQuant resource, which monitors the bitcoin network, on September 2, there was a sharp increase in the outflow of funds from the main mining pools.

From just three pools, Poolin, Slush and HaoBTC, 1,630 BTC worth $18.5 million were withdrawn on September 2. According to Ki Young Ju, CEO of CryptoQuant, miners may have decided to take the opportunity to sell the mined coins now that bitcoin is trading in general higher than the average for 2020.

“I think it's going to be the war of miners between those who want a Bitcoin price rally and those who don't,” he told Cointelegraph in private comments.

Despite the fact that the coins probably end up on exchanges, Ki does not see any big risks of a further serious drop in bitcoin prices due to the sale of miners.

“Miners are good traders,” he added. “I think they are just looking for selling opportunities, not capitulation.”

Earlier it was reported that after the May halving, a record number of mined coins was accumulated on wallets owned by bitcoin miners. Miners were in no hurry to sell bitcoins at the current rate in the hope of a rise in cryptocurrency prices. Fewer new bitcoins entered the market, which stimulated demand and pushed the bitcoin rate up.