Bitcoin (BTC) recently plunged 4.5%, hitting a monthly low of $65,000. The cause? Sales increase from mining entities! đČ
In CryptoQuant's weekly report, analysts revealed that the amount of BTC sent from Bitcoin mining entities to exchanges has reached its highest point in two months. This comes amidst a decline in their revenues due to lower transaction fees.
On June 9, hourly BTC transfers, primarily from the btc.com mining pool, to Binance reached a two-month high of more than 3,000 BTC. The following day, miners sold at least 1,200 BTC, recording the highest daily volume since late March.
Large Bitcoin mining companies are also increasing their sales activities. One of them is US-based Marathon Digital, which has sold 1,400 BTC so far in June.
This sale comes amid low earnings post cuts. Miners' daily revenue has fallen to about $35 million, down 55% from $78 million.
Meanwhile, Bitcoin's hash rate remains high. The hash rate has only fallen 4% since the cut in April, adding to the pressure on miners.
CryptoQuant analysis says periods with low miner revenue and high hash rates represent price bottoms. What do you think? Is this a good time to invest in Bitcoin? Come on, discuss it in the comments column! đ
