Bitcoin (BTC) has seen a 4.5% drop over the past week, hitting a monthly low of $65,000. This dip in value is potentially tied to increased selling from mining entities. The latest CryptoQuant report reveals that BTC transfers from mining entities to exchanges have reached a two-month high as revenues decline due to lower transaction fees.
On June 9, the hourly transfer of BTC from the btc.com mining pool to Binance reached a two-month high of over 3,000 BTC. Large Bitcoin mining companies, such as U.S.-based Marathon Digital, have also ramped up their selling activity. Marathon Digital has sold 1,400 BTC in June, representing 8% of its total holdings.
Miner revenues have sharply fallen to around $35 million daily, a 55% drop from the $78 million peak in March. This is due to a significant decrease in Bitcoin transaction fees and the halving of block rewards. Despite this, the Bitcoin network's hashrate remains high, putting additional pressure on miners.
CryptoQuant analysts suggest that a period of low miner revenues and high hashrate could indicate price bottoms. The market is optimistic about a potential rally, despite the current downward trend.