bitcoin has faced significant selling pressure over the past week, according to the latest on-chain data. As expected, this downward pressure has had a notable impact on the price of the main cryptocurrency.
According to data from CoinGecko, the value of bitcoin has decreased by almost 5% in the last seven days. On Friday, June 14, the price of btc fell to around the $65,000 level, its lowest level in almost a month.
bitcoin miners download more than 1200 btc in one day
In a recent post on Platform x, crypto analyst Ali Martinez x.com/ali_charts/status/1801792994376618310″ target=”_blank”>revealed that bitcoin miners have been active on the open market in recent days. Specifically, these network entities have been shorting their btc holdings and selling their assets to make a profit.
Martinez mentioned in his post that bitcoin miners downloaded more than 1,200 btc (worth approximately $80 million) in a single day. According to the crypto expert, this increase in selling activity by miners could have played a major role in the top cryptocurrency's recent correction to $65,000.
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This on-chain observation is in tandem with CryptoQuant's latest weekly report. The blockchain analysis firm noted that miners were transferring their coins to exchanges and over-the-counter (OTC) counters for sale, as the price of bitcoin ranged between $69,000 and $71,000.
According crypto-report” target=”_blank”>CryptoQuantum, the recent decision of miners to dump their stakes is associated with the decline in revenue following the halving event. With reduced transaction fees and persistently high network hash rates, miners' income has continued to decline in recent months.
Furthermore, CryptoQuant mentioned that historical patterns suggest that sustained low revenue and high hash rate could imply a possible market bottom. Ultimately, this means that the bitcoin market could be stabilizing or preparing for an upward move.
Whales join the liquidation and dump 50,000 btc
Other on-chain observations show that miners are not the only entities responsible for the recent selling pressure. In other x.com/ali_charts/status/1801736119731818824″ target=”_blank”>publish in xMartínez revealed that bitcoin whales have also been dumping significant amounts of btc in recent days.
According to Santiment data, whales have sold 50,000 btc (equivalent to about $3.3 billion) in the last 10 days. bitcoin whales, in this particular data point, refer to holders who own between 1,000 and 10,000 btc.
While the btc price fell as low as 65,000 in the last day, it is starting to show some signs of recovery. At the time of writing, bitcoin is valued at $66,266, reflecting a 0.7% drop in the last 24 hours.
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