{"id":32374,"date":"2024-06-13T16:49:25","date_gmt":"2024-06-13T16:49:25","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-miners-are-under-pressure-and-theyre-selling-cryptoquant\/"},"modified":"2024-06-13T16:49:25","modified_gmt":"2024-06-13T16:49:25","slug":"bitcoin-miners-are-under-pressure-and-theyre-selling-cryptoquant","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-miners-are-under-pressure-and-theyre-selling-cryptoquant\/","title":{"rendered":"Bitcoin miners are under pressure and they\u2019re selling: CryptoQuant"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/bitcoin-coin-chart-background-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/bitcoin-coin-chart-background-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/bitcoin-coin-chart-background-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/bitcoin-coin-chart-background-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Bitcoin price has declined by nearly 7% in the past week, with bulls failing to hold above the $70k level. BTC has today retreated to around $66,350 amid fresh selling pressure.<\/span><\/li>\n<li><span style=\"font-weight: 400\">While prices are down as the market reacts to macroeconomic events, analysts at CryptoQuant say some of the downside comes from sell-off pressure facing miners.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">According to a CryptoQuant <a href=\"https:\/\/x.com\/cryptoquant_com\/status\/1801259448767513027\">update<\/a> on Thursday, there\u2019s been an uptick in mining pool transfers and OTC desk sales for BTC. Some major publicly-traded <a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin-mining\/\">Bitcoin mining<\/a> companies have also recently reduced their holdings.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cBTC miners have ramped up selling as prices fluctuated between $69k and $71k. On June 9th, transfers from mining pools to Binance surged, hitting a 2-month peak of over 3,000 BTC. This shift aligns with a price correction, that dropped Bitcoin to $66k,\u201dthe CryptoQuant team noted in a post on X<\/span><\/p>\n<p><span style=\"font-weight: 400\">Data also shows increased OTC sales, with the latest being a 1,200 BTC OTC desk sale on June 10.<\/span><\/p>\n<p><a href=\"https:\/\/x.com\/cryptoquant_com\/status\/1801259708306657579\/photo\/1\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-208275\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/06\/btc-otc-sales.jpg\" alt=\"\" width=\"1208\" height=\"694\"\/><\/a><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, major US Bitcoin mining firms have sold off coins \u2013 for instance, Marathon Digital (MARA) offloaded 1,400 BTC in June. The company only sold 390 in May.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Miner revenue plummeted 55%<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Miner sell-off pressure has intensified as mining revenue fell. <\/span><\/p>\n<p><span style=\"font-weight: 400\">For example, post-halving, daily miner revenues have reached $35 million. In March, that peaked at over $78 million, indicating a sharp decline of 55%.<\/span><\/p>\n<p><a href=\"https:\/\/x.com\/cryptoquant_com\/status\/1801260030521446855\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-208273\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/06\/bitcoin-miner-revenue.jpg\" alt=\"\" width=\"1206\" height=\"668\"\/><\/a><\/p>\n<p><span style=\"font-weight: 400\">\u201cAmidst low miner revenues post-halving, daily Bitcoin transaction fees have dropped to around 65 Bitcoin from 117 prior to April 18th. Despite record-high transactions, median transaction fees in USD remain low, underscoring the pressure on miners\u2019 income,\u201d the CryptoQuant team noted.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The analysts also say that the Bitcoin network has also seen a dip in hashrate post-halving, but that\u2019s only by 4%. <\/span><\/p>\n<p><span style=\"font-weight: 400\">It means miners face stiff competition amid a reduced block reward and a combination of low miner revenues and high hashrate \u201coften point to potential market lows.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cSince May, miners have faced significant underpayment, suggesting we might be near a price bottom,\u201d<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-miners-are-under-pressure-and-theyre-selling-cryptoquant\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Bitcoin price has declined by nearly 7% in the past week, with bulls failing to hold above the $70k level. BTC has today retreated to around $66,350 amid fresh selling pressure. While prices are down as the market reacts to macroeconomic [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":32375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/32374"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=32374"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/32374\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/32375"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=32374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=32374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=32374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}