Miners of PoW cryptocurrencies such as Bitcoin play the role of "invisible sellers" in the market. As the price of Bitcoin climbed to an all-time high in January (once exceeding $100,000​), many miners chose to cash out some Bitcoin at a high price to lock in profits. This increased selling pressure in early February. On-chain analysis pointed out that there was a small peak in the transfer of miners' wallets to exchanges at the end of January, suggesting that miners sold part of their mining income to ensure healthy cash flow. In February, when the price of the currency accelerated its decline, miners' selling slowed down. On the one hand, many large mining companies have already reserved some funds before, and do not need to panic sell assets to maintain operations; on the other hand, miners are also reluctant to sell coins at too low a price, and most of them choose to wait and see and wait for prices to rise.