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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Unveiling Bitcoin’s Drop To $65,000: Here’s How Much BTC Miners Sold

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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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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1 year ago

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.

Bitcoin
Source: Ali_charts

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.

Bitcoin
Bitcoin price attempts to hold above the $66,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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