Miners Dumping BTC, Signaling Bottom May Be Near

IconCryptoNewsTerminal Staff13 Jun, 2024

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Miners Dumping BTC, Signaling Bottom May Be Near

Miners have been ramping up their selling as BTC price consolidates in the $69,000–$71,000 range. On June 9, 3,000 BTC were transferred from mining pools to Binance, which coincided with the drop in BTC price to $66,000. There has also been a spike in OTC sales, with miners selling 1,200 BTC over-the-counter on June 10 – the highest daily volume in about two months. Marathon Digital also sold 1,400 BTC in June, or 8% of its holdings. This selling pressure comes as miner revenue has plunged since the halving. Post halving, daily miner revenue has averaged around $35 million, down 55% from its March peak of $78 million. Declining miner revenue coupled with elevated hash rate suggests that the bottom for BTC price could be near.

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