Bitcoin (BTC) miners are facing pressure and selling off their holdings due to increased mining costs after the halving event. Blockchain analytics platform CryptoQuant has observed a significant increase in mining pool transfers and OTC desk sales.
The price of mining a single Bitcoin has risen to $77,000, leading to a drop in miners' revenue. In March, before the halving, mining revenue reached $78 million, but it has since fallen to $35 million. This decline has triggered a wave of capitulation among miners.
Bitcoin's price has fluctuated between $69,000 and $71,000, and a recent drop to $66,000 coincided with a surge in transfers from mining pools to Binance. Major Bitcoin companies like Marathon Digital Holdings Inc. have also been offloading their holdings.
While there are predictions that Bitcoin could reach $100,000 by the end of June, the selling pressure from miners could negatively impact the price in the short term. However, the market is expected to balance out with more liquidity, and a bull run is still possible if demand from spot Bitcoin ETF issuers remains strong.
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