Bitcoin

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<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin miners sold 1,200 BTC worth $80.8 million on June 11.</li> 
 <li>This marks the largest daily selling volume since late March.</li> 
</ul> 
<p>According to the latest reports coming from Julio Moreno, Head of Research at <a href="https://cryptoquant.com/community/dashboard/63064a8d77d099261f5ddfb8" rel="nofollow noopener" target="_blank">CryptoQuant</a>, yesterday, June 11 marked the largest daily selling volume of Bitcoin miners since late March.</p> 
<p>In <a href="https://x.com/jjcmoreno/status/1800540819533037827" rel="nofollow" target="_blank">a post</a> on X, he noted that the crypto market sees signs of Bitcoin miner capitulation.</p> 
<p>Yesterday, Bitcoin miners reportedly sold 1,200 BTC worth about $80.8 million at current prices, making this the largest daily miner selling volume since the end of March.</p> 
<p>Moreno continued and noted that some big mining companies have been selling a portion of their reserves. He also said that these are BTC coins being sold OTC, and not in exchanges.</p> 
<p><a href="https://x.com/jjcmoreno/status/1800540819533037827/photo/1" rel="nofollow" target="_blank"><img decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GPzLYcBXsAEQs1A?format=jpg&amp;name=4096x4096" alt="" width="4000" height="2250" title="Bitcoin Miners Sold 1,200 BTC On June 11, Largest Daily Selling Volume Since Late March 8"></a></p> 
<p>When someone <a href="https://x.com/IT_Tech_PL/status/1800550291848458445" rel="nofollow" target="_blank">commented</a> and said that according to the chart, miners look “extremely overpaid,” Moreno responded and said that this happened just for a day when fees spiked.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Just for a day, when fees spiked. Not currently.</p> 
 <p>— Julio Moreno (@jjcmoreno) <a href="https://twitter.com/jjcmoreno/status/1800550899003363585?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 11, 2024</a></p>
</blockquote> 
<h2 id="btc-price-rebound-expected-following-rare-miner-capitulation">BTC price rebound expected following “rare miner capitulation”</h2> 
<p>At the moment of writing this article, BTC is trading at $67,400.</p> 
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<p>The other day,<a href="https://crypto.ro/en/cryptocurrencies/bitcoin/"> Bitcoin</a> on-chain analyst Willy Woo addressed what he called a rare Bitcoin miner capitulation event that is currently taking place.</p> 
<p>He noted via a post on X that this event is stemming from Bitcoin halving which took place on April 20 which is currently culling weak miners.</p> 
<p>He also noted that as they die, they dump BTC, but the price of the coin will rebound afterwards.</p> 
<p>Woo concluded by saying that the market has<a href="https://crypto.ro/en/news/bitcoin-below-68k-amidst-rare-miner-capitulation-price-rebound-expected-post-purge/"> to be “purged”</a> of the degen open interest in futures bets and liquidations need to happen at the moment before a new pump for Bitcoin.</p> 
<p>Speaking of Bitcoin miners, on June 11, former US president Doland Trump <a href="https://crypto.ro/en/news/trump-meets-bitcoin-miner-execs-from-cleanspark-and-riot/">met</a> with important BTC miners including execs from CleanSpark and Riot, showing his continuous support for the crypto industry.</p>

Bitcoin Miners Sold 1,200 BTC On June 11, Largest Daily Selling Volume Since Late March

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