Overview

• Bitcoin miners sold 1,200 BTC worth $80.8 million on June 11.
• This constitutes the largest daily selling volume recorded since late March.

As per the recent reports by Julio Moreno, the Head of Research at CryptoQuant, June 11 saw a significant surge in daily selling volume by Bitcoin miners, marking the highest level observed since the end of March.

In a statement on X, he highlighted the emergence of signals indicating Bitcoin miner capitulation in the cryptocurrency market.

Reportedly, on June 11, Bitcoin miners offloaded 1,200 BTC, valued at approximately $80.8 million based on current prices. This event stands as the most substantial daily selling activity by miners since the conclusion of March.

Furthermore, Moreno mentioned that prominent mining entities have initiated the sale of a portion of their Bitcoin reserves. Notably, these BTC coins are being sold over-the-counter (OTC) rather than through exchanges.

When a commentator pointed out that miners seemed 'extremely overpaid' based on a chart, Moreno clarified that this situation was a momentary occurrence coinciding with a spike in fees. This was not a continuous scenario.

Anticipated BTC Price Movement Post Rare Miner Capitulation

Currently, BTC is trading at $67,400.

Bitcoin on-chain analyst Willy Woo recently highlighted a noteworthy event termed as a rare Bitcoin miner capitulation, which is presently unfolding.

He explained through a post on X that this phenomenon is a consequence of the Bitcoin halving event on April 20, leading to the gradual elimination of weaker miners from the network.

Woo emphasized that as these miners exit the market, they sell their BTC holdings, causing temporary price fluctuations; however, he anticipates a subsequent rebound in BTC's price.

He concluded by stressing the necessity for a 'purging' of degenerate open interest in futures bets from the market, alongside essential liquidations before a potential upsurge in Bitcoin's value.

Regarding Bitcoin miners' activities, on June 11, former US President Donald Trump engaged in discussions with key BTC mining executives, including representatives from CleanSpark and Riot, demonstrating his ongoing backing for the cryptocurrency sector.