TechFlow news: CryptoQuant posted that Bitcoin miners are under pressure and have started selling.
Recent miner pool transfers, surging OTC trading volume, and significant sell-offs by major publicly listed mining companies have become evident. Miners have intensified their selling as Bitcoin prices fluctuate between $69K and $71K.
On June 10, miners sold 1,200 BTC through OTC transactions, the highest daily volume in two months. Additionally, major U.S.-based Bitcoin companies have increased their selling activity.
It noted that periods of low miner revenue coupled with high hash rate typically signal potential market bottoms. Since May, miner revenues have been significantly depressed, suggesting we may be approaching a price bottom.
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