๐ข๐ฐ Bitcoin miners are playing the long game! ๐ They're holding onto their BTC, anticipating higher prices before selling. This is the longest-ever miner consolidation and accumulation period since Bitcoin hit $16K.
๐ According to CryptoQuant, miner sell pressure has significantly reduced post-halving, with 14 straight days of consolidation and accumulation.
๐ธ Miners are seeing their lowest revenue levels in a year. But as Bitcoin ETF flows increase and a rate cut in Q4 looks more likely, they're probably stocking up for a profitable sell-off soon.
๐จ The halving cut mining rewards from 6.25 to 3.125 BTC. This initially kept miners' earnings up, but revenue dropped sharply in May.
๐ Major miners like Hut 8 and Bitfarms reported production drops of 6% to 35% in April.
๐ But there's a silver lining! Transaction fees now make up over 7% of miners' total revenue, up from 1% two years ago. This could potentially strengthen the network's fundamentals.
๐ The Bitcoin network is also seeing a surge in usage, with a growing number of OP RETURN codes used, indicating broader adoption.
What are your thoughts on this? Are miners making the right move? Let's discuss! ๐ #Bitcoin #CryptoNews #DeFi