According to TechFlow, CryptoQuant published a statement saying that Bitcoin miners are facing pressure and have begun selling.
Recent mining pool transfers, OTC trading volume surge, and large listed mining companies have significantly reduced their holdings. As Bitcoin prices fluctuated between $69K-$71K, miners stepped up their selling efforts.
On June 10, miners sold 1,200 bitcoins through OTC transactions, the highest daily trading volume in two months. In addition, major US bitcoin companies also stepped up their selling efforts.
It said that periods of low miner income and high computing power often indicate potential market lows. There has been a significant shortfall in miner revenue since May, suggesting we may be nearing a price bottom.