Chinese miners? They make up a big proportion of the coins mined and they're in a country where BTC is essentially useless for anything other than selling or market playing.
The Chinese government should've done the world a favour and truly shut down any possible market avenue available to them. They're not exactly doing anything to contribute to the ecosystem and that's what Bitcoin needs.
But have you noticed that most dumps happen on western exchanges? Why is that?
those are early adopters, and i doubt there are many chinese early adopters, they didn't know about bitcoin back then
How many early adopters holding how many coins? Are these early adopters the same early adopters we'll be using in 2025 as an excuse for dumps instead of addressing the real issue of leveraged trading in thin markets populated by greedy speculators?
I think part of the reason is this. Many traders who have profited hugely from the bear market aren't bitcoin proponents, they're traders. they're excited by a new, inexperienced and unregulated market. They want dollars and, percentage wise, they profit more on the way down than on the way up. I'm not real sure about the miners continually dumping argument; sure many would do so to recoup costs but others would be looking to hold in hope of future gains.
I also don't think miners would try to create a supply glut to kill off rivals - the industry is developing so fast that obsolescence does that job relatively quickly (CPU>GPU>ASIC>?)
I do believe it is happening in other industries, like oil, where there's a big power play going on; the Saudi's are keeping supply constant in a period of dwindling demand, in order to squeeze out the US led, highly leveraged, fracking industry.