The selling activities of Bitcoin miners have heightened amidst the price fluctuations of Bitcoin in the range of $69,000 to $71,000. Recent reports show a notable increase in transfers from mining pools to Binance, exceeding 3,000 BTC, aligning with a market correction that drove Bitcoin to $66,000. This surge in selling extended to over-the-counter desks, where miners disposed of 1,200 BTC on June 10th, registering the highest daily volume in over two months.
Key U.S. Bitcoin entities have also been actively involved in the selling spree, with Marathon Digital (MARA) selling 1,400 BTC in June, marking a substantial surge compared to the previous month. The significant drop in daily Bitcoin miner revenues post-halving has resulted in a 55% decrease in daily revenues, currently at approximately $35 million, considerably lower than the peak of $78 million in March 2024. This financial strain has necessitated miners to sell more of their holdings to tackle the revenue decline.
Furthermore, the daily Bitcoin transaction fees have fallen from 117 BTC to about 65 BTC prior to April 18th, despite an escalation in transaction volumes. The decline in transaction fees in USD has exacerbated the economic challenges faced by miners, compounded by the decline in network hashrate from 622 EH/s to 599 EH/s post-halving, heightening the competition among miners for reduced block rewards. The juxtaposition of reduced revenues and increased competition signals the potential for a market downturn, with miners grappling with substantial payment inconsistencies since May, indicating a potential proximity to a price floor for Bitcoin.
