Bitcoin has faced a significant amount of selling pressure over the past week, according to the latest on-chain data. This downward pressure is expected to have a noticeable impact on the price of the leading cryptocurrency.
According to CoinGecko data, Bitcoin's value has fallen by approximately 5% in the past seven days. On Friday, June 14, the price of Bitcoin fell to around $65,000 – its lowest level in almost a month.
Bitcoin miners dump more than 1,200 Bitcoins in one day
In a recent post on Platform X, cryptocurrency analyst Ali Martinez said open Bitcoin miners have been active in the open market in recent days. Specifically, these network entities reduced their Bitcoin holdings, selling off their assets for profit.
Martinez mentioned in his post that Bitcoin miners offloaded more than 1,200 Bitcoins (worth approximately $80 million) in one day. According to a cryptocurrency expert, increased selling activity by miners may have played a significant role in the major cryptocurrency's recent correction to $65,000.
This on-chain note is consistent with CryptoQuant's latest weekly report. The blockchain analytics firm noted that miners were moving their coins to exchanges and over-the-counter (OTC) counters for sale, with Bitcoin's price hovering between $69,000 and $71,000.
according to Cryptoquant, the recent decision of miners to unload their holdings is related to the decline in revenues after the halving event. As transaction fees decline and the network hash rate continues to rise, miner revenues have continued to dwindle over the past few months.
Furthermore, CryptoQuant reported that historical patterns suggest that continued low revenue and high hashrate may indicate a potential bottom for the market. Ultimately, this means that the Bitcoin market may stabilize or prepare for an upward movement.
Whales join the sale, dumping 50,000 Bitcoin
Further on-chain observations show that miners are not the only entities responsible for the recent selling pressure. In another Share on XMartinez revealed that Bitcoin whales have also offloaded large amounts of Bitcoin in recent days.
Based on data from Santiment, whales have sold 50,000 bitcoins (equivalent to about $3.3 billion) in the past 10 days. Bitcoin whales – in this particular data point – refer to holders who own between 1,000 and 10,000 Bitcoin.
While Bitcoin price fell to the 65,000 level in the past day, it is starting to show some signs of recovery. As of this writing, Bitcoin is valued at $66,266, reflecting a 0.7% decline over the past 24 hours.
