According to the latest on-chain data, Bitcoin has faced significant selling pressure over the past week. This bearish pressure is expected to have a noticeable impact on the price of the top cryptocurrency.
According to CoinGecko data, the value of Bitcoin has dropped by almost 5% over the last seven days. On Friday, June 14, the price of BTC fell to around $65,000 – the lowest level in almost a month.
Bitcoin miners offload over 1,200 BTC in a single day
In a recent post on Platform X, cryptocurrency analyst Ali Martinez revealed that Bitcoin miners have been busy on the open market in recent days. In particular, these network entities are limiting their BTC holdings and selling their assets in order to make a profit.
Martinez mentioned in his post that Bitcoin miners offloaded over 1,200 BTC (worth approximately $80 million) in a single day. According to a cryptocurrency expert, this increased selling activity from miners may have played a significant role in the major cryptocurrency’s recent correction to $65,000.
This on-chain observation is consistent with CryptoQuant’s latest weekly report. The blockchain analytics firm noticed that miners were transferring their coins to exchanges and OTC outlets as Bitcoin’s price fluctuated between $69,000 and $71,000.
According to CryptoQuant, the recent decision of miners to unload their holdings is related to the decline in revenues following the halving. Thanks to reduced transaction fees and persistently high network hashrate, miners’ revenues have continued to decline over the past few months.
Additionally, CryptoQuant mentioned that historical patterns suggest that continued low revenues and high hashrate could mean a potential market bottom. Ultimately, this means that the Bitcoin market may be stabilizing or preparing for an upward move.
Whales join the sell-off, dumping 50,000 BTC
Further on-chain observations show that miners are not the only entities responsible for the recent selling pressure. In another write to XMartinez revealed that Bitcoin whales have also been offloading significant amounts of BTC in recent days.
Santiment data shows that whales have sold 50,000 BTC (equivalent to approximately $3.3 billion) in the last 10 days. Bitcoin whales – at this particular data point – refer to holders holding between 1,000 and 10,000 BTC.
Although the BTC price only dropped to 65,000 last day, it is starting to show some signs of recovery. At the time of writing, Bitcoin is valued at $66,266, reflecting a decline of 0.7% over the last 24 hours.
