Bitcoin miners selling pressure weakens as BTC withdrawals decrease by 85

Bitcoin miner withdrawals have experienced a significant decline of nearly 90% since the block subsidy halving, according to data. Onchain analytics platform CryptoQuant has suggested that miner sell pressure is weakening. The subsidy reduction, which occurred in April, resulted in a 50% decrease in mining rewards per block. As a result, older model mining machines became less cost-effective and were no longer utilized. This adjustment has led to a reshuffling in network fundamentals, with both hash rate and mining difficulty dropping from their all-time highs. The decreasing hash rate is seen as a sign of capitulation among miners. However, CryptoQuant contributor Crypto Dan believes that the sell-off process is winding down, as the quantity and number of bitcoins miners are withdrawing from their wallets has rapidly decreased. Accompanying data from CryptoQuant shows that the number of withdrawals from known miner wallets has decreased by 85% since April 10. The declining hash price has also affected smaller-scale miners, reducing their profit margins. This article does not provide investment advice, and readers are encouraged to conduct their own research before making any decisions.