🚨 Miners sell off in large quantities, Bitcoin faces a "capitulation" test! 📉
Recently, the Bitcoin mining market has been a little turbulent, mainly because miners have sold off a large number of BTC, a situation often referred to as "miner capitulation." Data shows that miners sold $1.71 billion worth of Bitcoin in just three days. This is not good news for Bitcoin, which is struggling to recover to the $60,000 mark.
Analyst Ali Martinez shared on-chain data on social media X, pointing out that in the past 72 hours, miners sold 30,000 Bitcoins, with a total value of approximately $1.71 billion. This wave of selling occurred at a time when mining difficulty rose sharply. And Mempool data shows that Bitcoin mining difficulty reached an all-time high on September 11, exceeding 92.67 T, which is higher than the record set in July.
Since the Bitcoin halving in April, miners' rewards have been reduced by half, which has put pressure on many miners in terms of profits. As the price of Bitcoin has not risen significantly in the past few months, the plight of miners has intensified, forcing them to sell their Bitcoin.
According to data from Santiment, the total amount of BTC held by miners has dropped from 2.23 million BTC at the end of July to about 2.14 million BTC. This large-scale sell-off may put downward pressure on the price of Bitcoin and affect its efforts to recover.
So, does this mean that the upward trend of Bitcoin is officially over?
Some analysts believe that although the price of Bitcoin has experienced more than two months of adjustment, it is still stable above the strong support level of $50,000.
Therefore, if institutional funds flow back into the market, Bitcoin may still resume its upward momentum and even set a new high.
💬 What do you think of this round of large-scale selling by miners? Do you think the rise of Bitcoin is over? Share your views in the comment area!
