The price of Bitcoin dropped from $9,300 to $8,800 on May 24. For the next 24 hours, the price dropped again, to $8,600. This put it at risk of an even bigger drop. The first drop happened at the same time as a big influx of Bitcoin into exchanges. This suggests that some big players sold over the United States' holiday weekend.

The data shows that exchanges, investors and miners lead to the price decline. The role of an exchange is to pair orders between buyers and sellers. An analyst of cryptocurrency exchanges says that when traders are matched, there are fees generated. This puts outside pressure on Bitcoin. Data demonstrated that an influx of Bitcoin amounting to 2,436 coins happened on May 24. That is about $22 million of the cryptocurrency deposited in one day.

Some exchanges did not participate. For those that did, the inflow had to be low. The platforms make their money through trading fees. An exchange can just sell the fees without moving any Bitcoin. This leaves the miners and investors with the blame for the big sell-off over the weekend.

Other data sources show that miners generated 5,231 Bitcoins and spent 5,846 Bitcoins. This means they sold 614 Bitcoins more than they mined over a week. Some of the large Chinese miners are working during that nation's rainy season. It will allow them to negotiate a lower electricity rate. Some of the mining centers may be able to get rates as low as three cents per kilowatt hour. This lowers the cost of mining to about $6,000 per Bitcoin.

For some of the smaller miners and those outside of China, the haling event could have a huge negative impact on their ability to turn a profit. Whether or not the miners do this because they like to mine or because they are over-leveraged is not clear as of May 26. Pricing data shows that miners were probably the ones leading the sell-off at the $9,300 price point, and retail investors who are a part of the Coinbase cryptocurrency exchange then joined in on it.