Layer 1 altcoins experienced a significant correction in June, following Bitcoin’s decline to $60,000. This downturn was largely driven by Bitcoin miners selling off to cover operational costs and significant outflows from U.S.-based ETFs. 
However, the selling pressure began to subside last week, allowing Bitcoin to recover from the $60k mark and enabling altcoins to establish local bottoms.
Moreover, a renowned trader CryptoDan noted a positive shift that could herald a bullish rally for the market in the third quarter of 2024. The recent X post highlighted,
“채굴자들의 매도 우려 해소, 3분기 상승 랠리 가능”
최근 암호화폐 시장을 하락시킨 고래 중 하나는 채굴자들로 볼 수 있습니다.
최근까지 시장은 채굴자들의 매도물량을 완벽히 소화하지 못하고 있었으나 아래 두 가지 근거로 채굴자들의 매도 압력이 매우 낮아졌다고 볼 수 있습니다.
1.… pic.twitter.com/OoRRfHRBMm
— Crypto Dan

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