At the current price rally, I am assuming most retail bitcoin BTC buyers and miners would hold on to their bitcoins. So are the dominant mining companies the main source of bitcoins for the exchanges or are their enough retail sellers of bitcoins on the exchanges who are happy to not take anymore risk of a crash and take their profits now ? So who are the main sellers of bitcoin BTC ? I am not talking about the newly issued other altcoins/ICOs but only BTC. Thanks
It’s a good question and one I’ve pondered myself. All coins comes from miners of course, the question is whether miners are directly selling them on exchanges as soon as they’re mined? I would suspect this to be the case in China, particularly with operations like BTCC which run both mining facilities and exchanges. The links between Bitmain and various Chinese exchanges are also pretty clear.
Miners *must* sell at least of a portion of their mined coins to offset expenses, but it would be interesting to learn which miners are hodling their profits in BTC and which are liquidating all coins as quickly as they’re mined.
Of course, the only real way to know is to make multiple purchases from these exchanges over time and trace the coins backwards in the blockchain. With enough purchases over a long enough duration, it should be possible to generate some stats. With help from the community, this could be achieved pretty easily.