🚨Bitcoin enthusiasts, brace yourselves! A potential BTC selloff might be on the horizon as miners grapple with revenue losses post the April 20 halving. The halving cut block rewards from 6.25 BTC to 3.125 BTC, and daily production took a hit, plunging from 900 to 450 BTC. This translates to a whopping $10 billion revenue loss per year! 😱

Miners initially kept their revenue afloat with high transaction fees from the meme coin frenzy and Bitcoin Runes launch. However, the buzz has since fizzled out. Two big players, Marathon and Riot, hold 17,631 BTC and 8,872 BTC worth over $1.1 billion and $500 million respectively. But with transaction fees making up 16% of Marathon Digital's BTC earnings in April, a drop in fees could trigger selling pressure.

The report by Kaiko suggests that if miners were to sell even a fraction of their holdings in the coming month, it could negatively impact the market. 📉

Now, here's a flashback. Bitcoin miners sold most of their reserves during the crypto meltdown in 2022. But the last two years saw them holding more as asset prices bounced back, gaining 350% from a cycle low of $16,500 in December 2022 to a peak of more than $73,500 in March.

However, the hash price or profitability has slumped recently and is currently at $0.050 terra hashes per second per day, a 72% drop from the $0.182 TH/s/day around the time of the halving. The average network hash rate also peaked at around 650 EH/s in late April, intensifying competition for the next block reward.

So, could this be the calm before the storm? Only time will tell! Stay tuned, Bitcoiners! 🕰️👀