Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-miners-sell-as-prices-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Miners Sell as Prices Drop</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-gears-up-for-70000-surge-as-investment-flows-soar" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price remains stagnant at $61,400, causing altcoins to move sideways. The price increase of BTC failing to breach $62,500 keeps the <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> cautious. Insights from Bitcoin whales and miners can shed light on the current market dynamics.</p>
<h2 id="why-are-miner-reserves-low">Why Are Miner Reserves Low?</h2>
<p style="text-align: justify">BTC miner reserves have hit a 10-year low, reflecting ongoing sales. Continuous ETF outflows have compounded BTC price losses. As of now, miner reserves are back to June 19 levels. Increasing costs and a reasonable selling price for BTC make continuous miner sales logical.</p>
<p style="text-align: justify">Over the past 30 days, miner reserves decreased by 1.18% and by 1.45% over 90 days. Despite daily production, miner sales have outpaced reserve depletion. The recent halving event reduced profitability, causing inefficient ASIC devices to shut down, which weakened the hash rate.</p>
<h2 id="what-does-the-hash-rate-indicate">What Does the Hash Rate Indicate?</h2>
<p style="text-align: justify">Since early June, the hash rate has been declining, supporting the notion that miners are shutting down operations. This decline in mining activity led to increased sales in June, driving BTC to yearly lows. Additionally, smaller block sizes have reduced miners’ fee revenues, contributing to selling pressure.</p>
<h3 id="key-insights">Key Insights</h3>
<ul>
 <li>Net inflows to exchanges on June 22 and 24 coincided with BTC price weakening.</li>
 <li>Recent net outflow of 800 BTC from exchanges suggests assets are moving to storage.</li>
 <li>Google search trends for BTC spiked in late June but have since declined, indicating waning interest.</li>
 <li>Whale transactions increased, signaling a selling move in mid-June.</li>
</ul>
<h3 id="conclusion">Conclusion</h3>
<p style="text-align: justify">Recent <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data shows</a> that both miners and whales have been selling, with miners driven by rising costs and decreased profitability. Investor interest is flagging, as reflected in search trends. While BTC may experience limited increases, the consolidation phase could persist for some time.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-miners-sell-as-prices-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Miners Sell as Prices Drop</a></h5>

Bitcoin Miners Sell as Prices Drop

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