Despite the widespread downturn in the cryptocurrency market, 87% of Bitcoin holders remain profitable.
According to IntoTheBlock’s “On-chain Insights” newsletter, Bitcoin (BTC) miners sold more 30,000 BTC in June to date, equivalent to approx 2 billion dollars. This is the fastest sell-off speed in more than a year.
Halving event is believed to be a key factor in this trend, as it has resulted in reduced profits for miners and pushed them to increase sales. Besides, Bitcoin’s hash rate has decreased significantly, down about 15% in the past month. Analysts at IntoTheBlock highlight this.
🚨 Bitcoin miners have sold over 30k BTC (~$2B) since June, the fastest pace in over a year. The recent halving has tightened margins, prompting this sell-off. pic.twitter.com/dy289bu7p4
— IntoTheBlock (@intotheblock) June 22, 2024
In another important development, the German government has begun liquidating Bitcoin previously confiscated from a piracy website. A Bitcoin address linked to the German government was recently reported transfer 6,500 BTC, worth about $420 million, to centralized exchanges.
Notably, despite the recent market volatility and sell-off, the majority of Bitcoin holders still making a profit, with 87% of them remaining green.
Furthermore, Bitcoin has consolidated its position, reaching its highest level in over three years and showing dominance in the cryptocurrency market.
Recently, sentiment in the cryptocurrency market has declined as many assets fell to levels far below all-time highs.
However, analysts are excited because summer has arrived, which usually sees a lot of positive activity in the cryptocurrency sector, especially the launched Ethereum ETF can bring new momentum to the market.
The bull market will restart in September 2024, here’s why
