Bitcoin miners unload their reserves at fastest pace in over one year, data shows
Bitcoin (BTC) miners have offloaded over 30,000 BTC in June so far, roughly equivalent to $2 billion, according to IntoTheBlock’s “On-chain Insights” newsletter. This is the fastest pace of miners’ sell-off in over one year.
The halving is believed to be a significant factor in this trend, as it has led to reduced profit margins for miners and prompted them to increase their sales. Additionally, a noticeable decrease in Bitcoin’s hash rate was witnessed, dropping by about 15% over the last month, highlighted the analysts at IntoTheBlock.

In a parallel development, the German government has begun to liquidate Bitcoin previously seized from a piracy website. A Bitcoin address linked to the German government has recently moved 6,500 BTC, valued at around $420 million, to centralized exchanges, indicating a probable sale of these assets.
Notably, despite the recent market movements and sell-offs, the majority of Bitcoin holders are still seeing profits, with 87% of them remaining in the green. Furthermore, Bitcoin has strengthened its position, achieving a three-year high in market dominance while other crypto have fallen more sharply in value.

The sentiment in the crypto market has taken a downturn, with many crypto assets languishing well below their all-time highs.
Nevertheless, while summer typically sees reduced activity in the crypto space, the anticipation surrounding the launch of Ethereum ETFs may introduce a new dynamic to the market, conclude IntoTheBlock analysts.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Analysts Say Ethereum Struggles as Competition Intensifies: FT
Ethereum’s fading dominance in decentralized finance is testing its place in a changing crypto market.

Meme Coin Comeback? TRUMP Bounces 11% – What This Could Mean for the Entire Market

BlackRock Expands BUIDL Fund to Include Solana (SOL)
BlackRock’s expansion of its tokenized money market fund, BUIDL, to Solana comes amid a growing integration of blockchain technology in traditional finance. For BlackRock, it aims to leverage Solana’s speed and scalability.

Analysts Project BlockDAG to Reach $1 Soon! SOL Price Dips 58% While XRP Shows Rally
See how Solana faces a sharp 58% decline, XRP gains bullish momentum, and BlockDAG earns expert confidence with a $1 price forecast in 2025. Is BDAG the top crypto to watch now?XRP Price Predictions: Analysts Expect Significant GrowthSolana News: SOL Suffers from Memecoin Activity DeclineBlockDAG Set for $1 Target in 2025—Key Growth Catalysts Explained

Trending news
MoreCrypto prices
More








