Analysts predicted that more Bitcoin miners will sell all of their outputs this month following the sell-off trend in May and amid the worsening crypto dump.

The previous weeks have been bloody in the cryptocurrency market with the majority of the crypto assets plummeting to a four-year low. This affected not only investors but also Bitcoin miners, who are known to be the ultimate holders in the industry

Many Bitcoin miners, including those publicly traded ones, sold off their Bitcoin stashes, with some selling all of what they got and several others selling more than what they had produced in May. This is interesting considering that BTC miners, particularly those publicly traded, usually sell off around 30 percent of their produce.

Crypto winter has arrived crypto winter Photo: Marco Verch Professional Photographer / flickr.com

In the total network hash rate, public Bitcoin miners make up to 20 percent contribution but their behavior reflects the sentiments of private miners. Collectively, these miners hold around 800,000 BTC, which makes them one of the biggest whales in the industry.

Public miners hold around 46,000 BTC, which means their selling spree could push the price of the cryptocurrency to go down further. Arcane, a digital assets-centered chain, has an interesting report about this activity and left an insightful analysis of the miners' recent activity.

"If they are forced to liquidate a considerable share of these holdings, it could contribute to pushing the Bitcoin price further down," Arcane Research Bitcoin mining analyst said in a new report. Digital asset broker GlobalBlock analyst Marcus Sotiriou opined that the sell-off trend could be attributed to "profitability decreasing with increasing electricity prices, adding that miners are "forced to liquidate some of their Bitcoin to cover operating costs."

The latest data showing miners' sell-off trend reflects how miners behave during bear markets, experts claim. As it stands, miners accumulate during bull markets and sell during bear markets to cover interest payments. 

Bitcoin, the world's largest cryptocurrency by market capitalization, has seen very eventful weeks. It has recovered this week after its price fell below the $20,000 threshold on Saturday. BTC was trading up 1.74 percent at $20,552.45 with a 24-hour volume of $28,906,416,947 as of 4:23 a.m. ET on Thursday based on the data from CoinMarketCap.