Bitcoin miner withdrawals have dropped by nearly 90% since the block was halved, according to CryptoQuant. 📉 After the mining reward was halved, miners adapted to the new economic reality. As a result, mining activity dropped and miners began selling Bitcoin to cover mining costs. The decline in hashrate reflects a “capitulation” among miners. However, selling pressure from miners is easing, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue.