Bitcoin miners' selling pressure, a key factor in recent market declines, has significantly reduced, according to CryptoQuant's latest analysis. Following the halving event in April, miners began offloading BTC as reduced mining rewards made older mining equipment unprofitable. However, the market is now absorbing this sell-off, indicated by the rapid decrease in volume and number of bitcoins being moved out of miners' wallets. This suggests market stabilization and potential for a renewed upward rally, with positive trends anticipated for Q3 2024.

Furthermore, an interesting trend has emerged in the wake of the Bitcoin halving event's impact on profitability. Mergers, financings, and partnerships are forming between AI and Bitcoin mining operations. This week, Bitcoin miner Core Scientific expanded its partnership with Nvidia-backed startup CoreWeave, supplying 70 megawatts of computing infrastructure to support CoreWeave's operations. Similarly, Hut 8 secured $150 million in debt from private equity firm Coatue to aid in the development of its data center portfolio for AI.