VanEck: Bitcoin miners continue 'mine-and-sell,' risk-averse sentiment hits record high Matthew Sigel, Head of Digital Asset Research at VanEck, shared that Bitcoin's 30-day average price dropped by 19%, but spot prices have stabilized, with market volatility falling from 80% to 50%. On-chain activity has cooled down, with transfer volume decreasing by 31% and transaction fees dropping by 27%. Miners are selling nearly all newly mined Bitcoin, maintaining a 'mine-and-sell' stance. Risk-averse sentiment in the options market has peaked—put/call ratio climbed to 0.77, the highest since June 2021; put option premiums hit an all-time high. While prices have stabilized, the number of people 'buying insurance' in the market has never been higher.