Many market watchers have blamed selling pressure from bitcoin mining operators, Mt. Gox refunds, and the recent German government sell-off for the recent BTC rout. Greg Cipolaro, head of research at NYDIG, said in a report on Wednesday that the claims are overstated. He added: "While sentiment and psychology may play a dominant role in the short term, our analysis suggests that the impact of the potential sell-off on prices may be overstated. We are not unaware that there are other factors at play, but we can reasonably assume that rational investors may find this an interesting opportunity created by irrational fear." Cipolaro also said that recent reports of miners slashing their bitcoin reserves after this year's halving event are not only exaggerated, but in some cases completely inaccurate. NYDIG data shows that listed mining companies actually increased their bitcoin holdings in June. Although BTC sales rebounded slightly last month, they are still well below levels seen earlier this year and last year.