Key Points
- Bitcoin miners sold 1,200 BTC worth $80.8 million on June 11.
- This marks the largest daily selling volume since late March.
According to the latest reports coming from Julio Moreno, Head of Research at CryptoQuant, yesterday, June 11 marked the largest daily selling volume of Bitcoin miners since late March.
In a post on X, he noted that the crypto market sees signs of Bitcoin miner capitulation.
Yesterday, Bitcoin miners reportedly sold 1,200 BTC worth about $80.8 million at current prices, making this the largest daily miner selling volume since the end of March.
Moreno continued and noted that some big mining companies have been selling a portion of their reserves. He also said that these are BTC coins being sold OTC, and not in exchanges.
When someone commented and said that according to the chart, miners look “extremely overpaid,” Moreno responded and said that this happened just for a day when fees spiked.
Just for a day, when fees spiked. Not currently.
— Julio Moreno (@jjcmoreno) June 11, 2024
BTC price rebound expected following “rare miner capitulation”
At the moment of writing this article, BTC is trading at $67,400.
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The other day, Bitcoin on-chain analyst Willy Woo addressed what he called a rare Bitcoin miner capitulation event that is currently taking place.
He noted via a post on X that this event is stemming from Bitcoin halving which took place on April 20 which is currently culling weak miners.
He also noted that as they die, they dump BTC, but the price of the coin will rebound afterwards.
Woo concluded by saying that the market has to be “purged” of the degen open interest in futures bets and liquidations need to happen at the moment before a new pump for Bitcoin.
Speaking of Bitcoin miners, on June 11, former US president Doland Trump met with important BTC miners including execs from CleanSpark and Riot, showing his continuous support for the crypto industry.
