Bitcoin Miners Surrender May Contain Happened

As a new analysis concludes, Bitcoin miners may have surrendered to the market soon.

In an update on June 24, senior analyst Julio Moreno at on-chain data firm CryptoQuant suggested it may be time for BTC to bottom out.

Miners’ plight changed dramatically since March 2020, going from unprecedented profits to the brink of shutdown. The price plunge to $17,600 – 70% below the November 2021 ATH – has hit some players hard. The data shows that miners’ wallets sent large amounts of coins to the exchange.

CryptoQuant suggests this often precedes the final stages of a broader Bitcoin sell-off consistent with historical precedent.

Miner sales are closely watched this month, with the Bitcoin Twitter account even describing the situation as miners “running out of coins.”

The current situation is difficult, but the majority of miners are still active. The proof is that the network’s fundamentals are down only slightly from their all-time high of more than 30 trillion.

However, when it comes to other major BTC holders, the picture seems less clear.

After buying whales boosted liquidity at close to $19,000, CryptoQuant’s Ki predicts the emergence of “new” high-volume entities. He noted that outflows from major US exchange Coinbase hit the highest level since 2013.

However, trader and analyst Rekt Capital reiterated doubts about the strength of total buying volume, arguing that sellers are still guiding market movements.

Bitcoin’s 200-week moving average (MA), a key support level during previous bear markets, has yet to receive significant interest from buyers despite spot prices around $2,000 lower.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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