Bitcoin is likely to see less selling pressure from miners in the near term thanks to the increase in profits and hashrate recovery after the BTC price rose to $69,000.

- According to a report from CryptoQuant, the Bitcoin network hashrate has recovered as BTC increased in price. Currently, the decline from the peak is only 3%, compared to 8% on July 9.

- On July 9, Bitcoin hashrate dropped to lowest since February 28; however, it has now increased by 6% to 604 EH/s. Analysts say that hashrate recovery is often accompanied by BTC price momentum.

- Miners' profits increase, helping to reduce BTC selling pressure from them. Miners' daily revenue has increased about 50%, from a low of $22 million to $32 million.

- Large miners are accumulating BTC, while small miners are selling. The balance of large miners is currently 65,000 BTC, up from 61,000 at the beginning of the year, while small miners decreased from 59,000 BTC to 51,000 BTC.

CryptoQuant warns that miners may face risks if profits are too dependent on BTC prices. 🚀