Bitcoin has faced a major amount of selling pressure over the past week, in response to the most recent on-chain data. Expectedly, this bearish pressure has had a notable impact on the worth of the premier cryptocurrency.
Based on data from CoinGecko, the worth of Bitcoin has declined by nearly 5% previously seven days. On Friday, June 14th, the BTC price fell to across the $65,000 level — its lowest level in nearly a month.
Bitcoin Miners Offload Over 1,200 BTC In One Day
In a recent post on the X platform, crypto analyst Ali Martinez revealed that Bitcoin miners have been lively within the open market in recent days. Specifically, these network entities have been trimming their BTC holdings, and selling their assets for profit.
Martinez mentioned in his post that the Bitcoin miners offloaded greater than 1,200 BTC (value roughly $80 million) in a single day. Based on the crypto pundit, this increased selling activity by the miners may need played a major role within the premier crypto’s recent correction to $65,000.
This on-chain commentary is in tandem with CryptoQuant’s latest weekly report. The blockchain analytics firm noted that miners were transferring their coins to exchanges and over-the-counter (OTC) desks on the market, because the Bitcoin price hovered between $69,000 and $71,000.
Based on CryptoQuant, the recent decision of miners to dump their holdings Is related to the declining revenues following the halving event. With reduced transaction fees and persistently high network hashrates, miner revenues have continued to dwindle over the past few months.
Moreover, CryptoQuant mentioned that historical patterns suggest that sustained low revenues and high hashrate could imply a possible market bottom. Ultimately, which means the Bitcoin market could possibly be stabilizing or preparing for upward movement.
Whales Join The Sell-Off, Dump 50,000 BTC
Further on-chain observations show that miners usually are not the one entities chargeable for the recent selling pressure. In one other post on X, Martinez revealed that Bitcoin whales have also been offloading significant BTC amounts in recent days.
Based on data from Santiment, whales have sold 50,000 BTC (such as about $3.3 billion) previously 10 days. Bitcoin whales – on this particular data point – seek advice from holders that own between 1,000 – 10,000 BTC.
While the worth of BTC fell as little as 65,000 previously day, it’s starting to point out some signs of recovery. As of this writing, Bitcoin is valued at $66,266, reflecting a 0.7% decline previously 24 hours.