Withdrawals from Bitcoin (BTC) miners have decreased by nearly 90% since the block subsidy was halved, according to CryptoQuant data. Bitcoin miners, who spent several months adjusting to a new economic reality after the halving in April, are no longer using older model mining machines as mining rewards have been halved. This led to a decrease in mining activity and miners starting to sell Bitcoin to cover their mining operation costs.

The amount and number of Bitcoins leaving miners' wallets has decreased rapidly recently, meaning the selling pressure of miners is weakening. If all selling volume is absorbed, a situation could be created where the upward rally could resume.

CryptoQuant data shows the highest number of withdrawals from known miner wallets at more than 53,000 on April 10 – nine days before the halving. That figure has since been reduced to around 8,000 as of June 27 – representing an 85% reduction.

For small-scale miners, the declining hash price has led to reduced profit margins. Between June 8 and June 24, the hash price dropped by 50%, reflecting the expected revenue per exahash. According to data from Hashrate Index as of June 28, the hash price is $0.048.

As a result, positive movements are expected in the cryptocurrency market in the third quarter of 2024.#Bitcoin#CryptoQuant #Blockchain