Bitcoin miner are under pressure and sell: Cryptoquant
Bitcoin miner are under pressure and sell: Cryptoquant
- The Bitcoin price fell by almost 7 % last week because the bulls did not succeed in staying over the $ 70,000 mark. BTC has fallen back to around $ 66,350 due to new sales pressure.
- While the prices drop to macroeconomic events due to the reaction of the market, analysts from Cryptoquant say that part of the downward movement is due to the sales pressure to which the miners are exposed.
according to a cryptoquant On Thursday there was an increase at Mining pool transfers and OTC desk sales for BTC. Some large listed Bitcoin mining companies have recently reduced their stocks.
"BTC-Miner increased their sales because the prices fluctuated between $ 69,000 and $ 71,000. On June 9, the transfers from mining pools climbed to Binance and reached a 2-month high. The Bitcoin dropped to $ 66,000, ”said the Cryptoquant team in a contribution to X.
The data also show an increase in OTC sales. The latest case was an OTC desk sale of 1,200 BTC on June 10th.
In the meantime, large US bitcoin mining companies have sold their coins-Marathon Digital (Mara), for example, sold 1,400 BTC in June. In May the company only sold 390.
The income of the miners dropped by 55 %
The sales pressure at the mining companies has increased with falling income.
For example, the daily income of the miners reached $ 35 million after halving. In March the maximum value was over $ 78 million, which corresponds to a severe decline of 55 %.
"In the middle of the low income of the miners after halving, the daily Bitcoin transaction fees from 117 before April 18 fell to around 65 bitcoin. Despite record-high transactions, the mean transaction fees in USD remain low, which underlined the pressure on the income of the miners" Cryptoquant team.
The analysts also say that the Bitcoin network also had a decline in the hashrate after halving, but only by 4 %.
This means that the miners are exposed to hard competition, since the block reward is reduced and a combination of low miner income and high hashates "often indicate potential market low".
"Since May the miners have been confronted with considerable outpasses, which indicates that we may be close to a price range",
Source: Coinlist.me