CryptoQuant: Bitcoin miners' selling pressure is weakening! BTC is expected to start a new round of rise in Q3

120BTC.coM: Amidst the gloomy market sentiment, June is coming to an end, and Bitcoin has also fallen from US$71,900 at the beginning of the month to US$61,575 now, a correction of nearly 10%.

In this decline, miner selling is considered to be one of the main reasons for the lower market price, because after Bitcoin completed the latest round of halving on April 20, due to the halving of block rewards and rising operating costs of miners , and the Runes craze has subsided, mining companies have to sell Bitcoins to obtain working capital or buy new equipment to improve their mining capabilities.

CryptoQuant: The selling pressure of miners is weakening

However, Crypto Dan, an analyst at cryptocurrency data agency CryptoQuant, issued an article yesterday (28th) pointing out that as of June 27, compared with the first nine days after the Bitcoin halving, miners The number of wallet withdrawals has dropped from a maximum of 53,000 to 8,000, a drop of nearly 90%, so it can be seen that the selling pressure caused by miners on the market is gradually weakening: Fortunately, it seems that the current market is digesting the increase from miners Sell-off, the amount of currency miners have been withdrawing from their Bitcoin wallets is rapidly decreasing.

At the same time, Crypto Dan said that once all the selling pressure is absorbed, Bitcoin will usher in a new round of rising prices: If all the selling pressure is absorbed, there may be another rising trend. In Q3, the cryptocurrency market Positive trends are expected.

Small miners still face operational pressure

While Bitcoin miners seem to have gradually adapted to the impact of the halving, Jan Wuestenfeld, an economist and mining expert who focuses on Bitcoin, pointed out that hash Falling prices have also put pressure on inefficient miners in the near term: Falling hash prices have put pressure on inefficient miners in the near term. Since the halving, the hash rate has begun to decline, but the current price adjustment has still further reduced miners’ income.

Bitcoin active addresses have dropped to a new low since November 2010

According to Cointelegraph, data from IntoTheBlock shows that the proportion of weekly active addresses on the Bitcoin network has dropped to 1.22% in June, with the highest reaching 1.32%. It is a new low since November 2010; the total number of active wallets has also reached its lowest point. The data on May 27 only showed that there were 614,770 active addresses that week, which was a new low since December 2018.

In this regard, IntoTheBlock senior researcher Juan Pellicer explained: The rune craze has temporarily receded, and Meme coins and celebrity coins on other chains have also attracted many investors to participate. Recently, the Mt.Gox exchange announced that it will repay creditors' funds, and some government holders have also begun to sell Bitcoin. This may indicate a lack of trading activity for Bitcoin at the moment and that the market is in a consolidation phase.

But Juan Pellicer finally added: Compared with celebrity coins, Meme coins and other highly volatile cryptocurrencies, Bitcoin is still the most stable.

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