Bitcoin miner withdrawals have plummeted by nearly 90% since the block subsidy halving, indicating a decrease in miner sell pressure, according to data from on-chain analytics platform CryptoQuant. After the halving, which cut mining rewards by 50%, older mining machines became cost-ineffective, leading to a decrease in mining activity. Miners began selling Bitcoin in over-the-counter transactions to cover operation costs. However, the quantity of bitcoins miners are sending out has been decreasing rapidly, suggesting that the selling pressure is weakening. This could potentially pave the way for an upward rally.