Odaily News Many market observers have blamed the recent BTC plunge on selling pressure from Bitcoin mining operators, Mt.Gox refunds, and the recent German government sell-off. NYDIG head of research Greg Cipolaro said in a report on Wednesday that the above claims are exaggerated. He added: "While sentiment and psychology may play a leading role in the short term, our analysis suggests that the impact of a potential sell-off on prices may be exaggerated. We are not unaware that there are other factors at play, but we can reasonably assume that rational investors may find this to be an interesting opportunity created by irrational fear." Cipolaro also said that recent reports that miners have significantly increased their Bitcoin reserves after this year's halving event are not only exaggerated, but in some cases completely inaccurate. NYDIG's data shows that publicly traded mining companies actually increased their Bitcoin holdings in June. Although BTC sales have recovered slightly last month, they are still far below levels earlier this year and last year.