Bitcoin Miners Dump $1.71 Billion In 3 Days, Is The BTC Rally Officially Over?
Bitcoin experienced significant price difficulties due to a selloff by miners, termed miner capitulation. Miners sold approximately 30,000 BTC, valued at $1.71 billion, over three days. This selloff coincided with a record increase in mining difficulty, which reached 92.67 trillion, surpassing the previous high of 90.67 trillion. Since the last halving in April 2024, miner rewards have halved, leading to profitability concerns for many miners. The total BTC held by miners decreased from 2.23 million in late July to around 2.14 million. Despite these challenges, Bitcoin has maintained support above $50,000 but has struggled to regain momentum above $60,000, currently trading at $57,960, up 2.4% in the last 24 hours. A resurgence of institutional investment could help Bitcoin break into new all-time highs.
