Bitcoin
has
faced
a
significant
amount
of
selling
pressure
over
the
past
week,
according
to
the
latest
on-chain
data.
Expectedly,
this
bearish
pressure
has
had
a
notable
impact
on
the
price
of
the
premier
cryptocurrency.

According
to
data
from
CoinGecko,
the
value
of
Bitcoin
has
declined
by
nearly
5%
in
the
past
seven
days.
On
Friday,
June
14th,
the

 

BTC
price
fell
to
around
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
active
in
the
open
market
in
recent
days.
Specifically,
these
network
entities
have
been
trimming
their
BTC
holdings,
and
selling
their
assets
for
profit.

Related
Reading

Martinez
mentioned
in
his
post
that
the
Bitcoin
miners
offloaded
more
than
1,200
BTC
(worth
roughly
$80
million)
in
a
single
day.
According
to
the
crypto
pundit,
this
increased
selling
activity
by
the
miners
might
have
played
a
significant
role
in
the
premier
crypto’s

recent
correction
to
$65,000.

This
on-chain
observation
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
for
sale,
as
the
Bitcoin
price
hovered
between
$69,000
and
$71,000.

According
to

CryptoQuant,
the
recent
decision
of
miners
to
offload
their
holdings
Is
associated
with
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.

 

Furthermore,
CryptoQuant
mentioned
that
historical
patterns
suggest
that
sustained
low
revenues
and
high
hashrate
could
imply
a
potential
market
bottom.
Ultimately,
this
means
that
the
Bitcoin
market
could
be
stabilizing
or
getting
ready
for
upward
movement.

Whales
Join
The
Sell-Off,
Dump
50,000
BTC

Further
on-chain
observations
show
that
miners
are
not
the
only
entities
responsible
for
the
recent
selling
pressure.
In
another

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
(equivalent
to
about
$3.3
billion)
in
the
past
10
days.
Bitcoin
whales
–
in
this
particular
data
point
–
refer
to
holders
that
own
between
1,000
–
10,000
BTC.

Related
Reading

While
the

price
of
BTC
fell
as
low
as
65,000
in
the
past
day,
it
is
beginning
to
show
some
signs
of
recovery.
As
of
this
writing,
Bitcoin
is
valued
at
$66,266,
reflecting
a
0.7%
decline
in
the
past
24
hours.

Featured
image
from
iStock,
chart
from
TradingView

Go to Source
Author: Opeyemi Sule

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