Investing.com — It came under pressure last week, trading as low as $65,000 on Friday, as on-chain metrics showed Hodlers had been selling bitcoin since early June, according to HC Wainwright.
The downtrend includes miner sales, adding to selling pressures amid a hawkish outlook from the Federal Open Market Committee (FOMC) on Wednesday. “Long-term holders' selling may not be stimulated by a specific event, but their buying and selling activity typically dictates short-term market movements as the portfolios of large holders are closely tracked by the Bitcoin community,” the report reads.
Spot Bitcoin ETFs had their worst week of outflows since mid-March, with the 11 US ETFs reporting a total net outflow of $580.6 million last week, according to data from Farside Investors.
Last week, Bitcoin fell 4.3% to close above $66,600, underperforming major stock indexes. Meanwhile, mining stocks rose another 15.7% on a weekly basis due to continued positive sentiment on the political front.
On June 11, executives from some of the largest Bitcoin mining companies in the United States met with Republican presidential candidate Donald Trump at his Mar-a-Lago resort in Palm Beach, Florida. They discussed how miners can help strengthen the country's energy grid and increase job creation locally. Trump showed his support in a statement issued on Truth Social, his social media app, where he posted: “Bitcoin mining may be our last line of defense against CBDC (Central Bank Digital Currency)… We want all remaining Bitcoins to be transferred.” Be made in the USA! It will help us be in control of energy!
Following the recent surge in mining stocks, the combined market capitalization of the 19 Bitcoin miners in the HC Wainwright dataset reached a record high of $26 billion as of June 14. The network hash rate fell by 3.9% week-on-week to 581 EH/s, while the network difficulty remained at 83.7 tons after the last negative adjustment of -0.8% on June 6.
Furthermore, the report highlighted that retail prices declined by 12.4% week-on-week to $0.054/day due to lower Bitcoin prices and transaction fees.
Elsewhere, Texas miners responded favorably to the statement. Engaging miners to help support the grid will create a more resilient power load and help keep the state's power grids balanced, said RIOT's head of public policy, Brian Morgenstern.