QCP Capital said that miners are under tremendous selling pressure due to the rise in break-even prices after the halving. Miners' BTC holdings have fallen to the lowest level in the past 14 years, with total reserves down 50,000 from the beginning of the year. The market is also spooked by the emergence of a large amount of new supply. The German government is said to have sold around 3,000 bitcoins in the past few days and will sell 47,000 more in the future.