Miners, who guard the network and earn incentives in the form of block rewards, are set to face a big hit to their revenues in the aftermath of the event. Typically, miners start liquidating their holdings ahead of the halving to capitalize before the revenue hit later., around 374 BTCs were sent by miners daily to spot exchanges on average over the past month – Less than one-third of the daily average recorded in February.
“It is possible that the selling pressure has already been executed in advance by miners, something that could benefit the market in the short term, especially when there is already significant pressure on the market due to the feeling of risk aversion.”Additionally, the HODLing might have been motivated by the ongoing market slump, which has seen BTC lose more than 12% of its value over the week. Miners might be waiting for a post-halving rally to get better returns on their sale.