The leading crypto Bitcoin (BTC) price has dropped over 10% in the past 7 days. The data shows high selling pressure from BTC miners. According to experts, this led the BTC price to fall below the critical price level of $19,000.
Bitcoin (BTC) miners’ sales fluctuations
Julio Moreno, a senior analyst at Cryptoquant, suggests that the crypto market was trading during the era of Bitcoin miner capitulation. He adds that they have recorded an increase in stock market flows from all miners. At the same time, the spike in flow to exchanges was recorded during lower prices.
Meanwhile, CryptoQuant CEO Ki Young Ju emphasizes that there are two types of Bitcoin miner capitulation. The first is veteran miners who enter the market early and sell at profit. The second is the new miners who started working later and selling at a loss. As we have mentioned in the news of Kriptokoin.com, miners prefer to sell due to increasing costs.
However, the recent surge in Bitcoin sales has greatly affected the price of BTC trading at a stable level. Julio Moreno states in a report that the revenues of BTC miners have decreased over time. The difficulty level, on the other hand, has grown, which has increased the cost of miners. During the same period, the mining difficulty was recorded at 51% per annum when the BTC price fell 39%.
Bitfarms sells 3.53k BTC
Julio Moreno adds that as income falls, miners turn into sellers. In June, the flow of miners’ BTC to exchanges was about 23,000 Bitcoins. This marks the highest monthly level since May 2021. Therefore, this situation led the miners to the ‘extremely low wage’ region.
Bitfarms is a Bitcoin mining company. Bitfarms released its monthly report on July 1. He reported that in June 2022, 420 new BTC was minted. There was a 58% jump compared to June 2021. Meanwhile, the firm sold about 3,353 Bitcoins for $69 million during the month. Bitfarms used some of its revenue to pay off the debts of its facilities.
The price of the world’s largest cryptocurrency touched the $17,800 price level earlier this month. BTC has lost 35% in the last 30 days. Bitcoin is trading at $19,157 at press time, according to data from CoinMarketCap. Bitcoin’s 24-hour trading volume decreased by 27% to $15 billion. While 100 thousand dollars were spoken for the leading crypto, now 10 thousand dollars are mentioned. Bitcoin currently stands 72% off its all-time high of $69k.
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