According to the latest on-chain data, Bitcoin has faced significant selling pressure over the past week. This bearish pressure is expected to have had a notable impact on the price of the major cryptocurrency.
According to data from CoinGecko, Bitcoin’s value has fallen by almost 5% over the past seven days. On Friday, June 14, the BTC price fell to around $65,000 – the lowest level in almost a month.
Bitcoin miners offload more than 1,200 BTC in one day
In a recent post on the X platform, crypto analyst Ali Martinez said revealed that Bitcoin miners have been active on the open market in recent days. Specifically, these network entities have been reducing their BTC holdings and selling their assets for a profit.
Martinez mentioned in his post that Bitcoin miners offloaded more than 1,200 BTC (worth about $80 million) in a single day. According to the crypto expert, this increased selling activity from the miners may have played a major role in the key crypto’s recent correction to $65,000.
This observation in the chain parallels CryptoQuant’s latest weekly report. The blockchain analytics company noted that miners were transferring their coins to exchanges and over-the-counter (OTC) desks for sale, while the Bitcoin price fluctuated between $69,000 and $71,000.
According to CryptoQuantMiners’ recent decision to offload their assets is linked to declining revenues after the halving. With lower transaction fees and persistently high network hashrates, miner revenues have continued to decline in recent months.
Furthermore, CryptoQuant mentioned that historical patterns suggest that persistently low revenue and high hashrate could imply a potential market bottom. Ultimately, this means that the Bitcoin market could stabilize or prepare for an upward move.
Whales join the sell-off and dump 50,000 BTC
Further observations down the chain indicate that miners are not the only entities responsible for the recent selling pressure. In another message on XMartinez revealed that Bitcoin whales have also offloaded significant amounts of BTC in recent days.
Based on data from Santiment, whales have sold 50,000 BTC (equivalent to approximately $3.3 billion) in the last 10 days. Bitcoin whales – in this particular data point – refer to holders who own between 1,000 and 10,000 BTC.
Although the price of BTC fell to 65,000 in the past day, it has started to show some signs of recovery. At the time of writing, Bitcoin is valued at $66,266, reflecting a decline of 0.7% in the past 24 hours.