According to data from onchain analytics platform CryptoQuant, Bitcoin miner withdrawals have decreased by almost 90% since the block subsidy halving in April, indicating that miner sell pressure is weakening. The halving cut the subsidy per mined block by 50%, forcing miners to adjust to a new economic reality. As a result, network fundamentals have reflected a reshuffling, with both hash rate and mining difficulty dropping from all-time highs. The decrease in hash rate has led to reduced profit margins for smaller-scale miners. However, the quantity and number of bitcoins miners are sending out of their wallets has been rapidly decreasing recently, which is a positive sign for the cryptocurrency market.
Bitcoin miner selling pressure weakening as BTC withdrawals decrease by 85