🔤🔤🔤🔤🔤🔤🔤 Bitcoin Miners in Historic Sell-Off: Dump Over 30,000 BTC Worth $2B in June
💎 Bitcoin miners have sold more than 30,000 BTC, valued at approximately $2 billion, since the start of June, according to a report by IntoTheBlock .
Miners’ reserves dropped from over 1.94 million BTC to below 1.91 million BTC by June 22, marking the fastest selling pace in over a year and the lowest reserve level in more than 14 years.
🔵 The sell-off is attributed to the recent halving event on April 20, which cut mining rewards from 6.25 BTC to 3.125 BTC, squeezing profit margins. This decline includes holdings from major mining pools like Poolin, Viabtc, Antpool, Binance, Bitfury, and Bixin.
🎙 Lucas Outumuro, head of research at IntoTheBlock, noted that miners usually sell their reserves slowly, making this rapid liquidation unusual. The sell-off has significantly pressured the cryptocurrency market, with Bitcoin's price dropping by roughly 12% from $71,907 to $63,378.89, the lowest in six weeks. Leading altcoins have also seen steep declines, with Solana, Cardano, Dogecoin, and Shiba Inu down over 20%.
➡️ Some analysts believe the miner capitulation may be nearing its end, suggesting potential for a smoother upward trend for Bitcoin soon.
