Despite significant declines in Bitcoin miners' income, the market is not experiencing selling pressure. Recent data indicates a trend of BTC accumulation.
Decline in Bitcoin Miner Revenues
According to the weekly report from CryptoQuant, the daily revenue of Bitcoin miners fell to $34 million on June 22, reaching its lowest level since April. This decline is attributed to lower transaction fees and Bitcoin prices trading near local lows, weakening miners' incentives.
Absence of Selling Pressure
Despite the decrease in revenues, miner finances have not resulted in any notable market selling pressure. The amount of BTC leaving miner wallets decreased from 23,000 BTC per day in February to around 6,000 BTC currently. No significant transfers to exchanges have been noted either.
Long-Term Expectations and Predictions
CryptoQuant reports that instead of selling, miners are opting to either hold or utilize their cash reserves. The report stated, "This clearly shows that there is no selling pressure from miners at current price levels." Despite lower revenues, miners' reluctance to sell limits potential market selling pressure.
Thus, the Bitcoin market remains stable, bolstered by miners' positions and the absence of major sell-offs, which creates an environment for potential future positive trends.
