Bitcoin has faced a significant amount of selling pressure over the past week, according to the latest on-chain data. Expectedly, this bearish pressure has had a notable impact on the price of the premier cryptocurrency.
According to data from CoinGecko, the value of Bitcoin has declined by nearly 5% in the past seven days. On Friday, June 14th, the BTC price fell to around the $65,000 level — its lowest level in nearly a month.
Bitcoin Miners Offload Over 1,200 BTC In One Day
In a recent post on the X platform, crypto analyst Ali Martinez revealed that Bitcoin miners have been active in the open market in recent days. Specifically, these network entities have been trimming their BTC holdings, and selling their assets for profit.
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Martinez mentioned in his post that the Bitcoin miners offloaded more than 1,200 BTC (worth roughly $80 million) in a single day. According to the crypto pundit, this increased selling activity by the miners might have played a significant role in the premier crypto’s recent correction to $65,000.
This on-chain observation is in tandem with CryptoQuant’s latest weekly report. The blockchain analytics firm noted that miners were transferring their coins to exchanges and over-the-counter (OTC) desks for sale, as the Bitcoin price hovered between $69,000 and $71,000.
According to CryptoQuant, the recent decision of miners to offload their holdings Is associated with the declining revenues following the halving event. With reduced transaction fees and persistently high network hashrates, miner revenues have continued to dwindle over the past few months.
Furthermore, CryptoQuant mentioned that historical patterns suggest that sustained low revenues and high hashrate could imply a potential market bottom. Ultimately, this means that the Bitcoin market could be stabilizing or getting ready for upward movement.
Whales Join The Sell-Off, Dump 50,000 BTC
Further on-chain observations show that miners are not the only entities responsible for the recent selling pressure. In another post on X, Martinez revealed that Bitcoin whales have also been offloading significant BTC amounts in recent days.
Based on data from Santiment, whales have sold 50,000 BTC (equivalent to about $3.3 billion) in the past 10 days. Bitcoin whales – in this particular data point – refer to holders that own between 1,000 – 10,000 BTC.
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While the price of BTC fell as low as 65,000 in the past day, it is beginning to show some signs of recovery. As of this writing, Bitcoin is valued at $66,266, reflecting a 0.7% decline in the past 24 hours.
Featured image from iStock, chart from TradingView
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