• Bitcoin miners sold over 30,000 BTC in June, the fastest pace in a year.

  • This rapid sell-off has reduced miners’ reserves to their lowest level in more than 14 years.

  • This sell-off is due to lower profits after the Bitcoin halving event.

Bitcoin miners have liquidated over 30,000 BTC, valued at approximately $2 billion, since the start of June, according to a recent report by analytics platform IntoTheBlock. The report’s graphical representation shows that miners’ reserves, which stood at over 1.94 million BTC at the beginning of June, fell below 1.91 million BTC by June 22.

🚨 Bitcoin miners have sold over 30k BTC (~$2B) since June, the fastest pace in over a year. The recent halving has tightened margins, prompting this sell-off. pic.twitter.com/dy289bu7p4

— IntoTheBlock (@intotheblock) June 22, 2024

The report highlighted this month’s offloaded amount marks the fastest selling pace in over a year, reducing miners’ total Bitcoin holdings to their lowest level in more than 14 years. The decline in BTC reserves includes holdings from prominent mining pools such as Poolin, Viabtc, Antpool, Binance, Bitfury, and Bixin.

IntoTheBlock attributed this surge in BTC sales to the recent halving event, which has significantly squeezed miners’ profit margins. Specifically, the most recent halving on April 20 saw mining rewards drop from 6.25 BTC to 3.125 BTC.

Lucas Outumuro, head of research at IntoTheBlock, noted that miners have historically sold their reserves relatively slowly, making this rapid sell-off unusual. He also mentioned that miners are expected to gradually reduce their Bitcoin holdings as the halving event continues to pressure their margins.

The rapid liquidation by miners has exerted considerable downward pressure on the cryptocurrency market. Bitcoin’s price, which traded at $71,907 earlier this month, has plummeted by roughly 12% to $63,378.89, its lowest in six weeks.

The altcoin market has experienced an even steeper decline, with leading altcoins like Solana, Cardano, Dogecoin, and Shiba Inu seeing their values drop by more than 20%.

Meanwhile, some analysts believe the miner capitulation may be nearing its end, suggesting a potential for a smoother upward trend for Bitcoin in the near future.

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