Bitcoin Miner Revenue Dips to 2-Month Low, But No Signs of Selling Spree (Yet!): CryptoQuant

Interesting insights from CryptoQuant today! Bitcoin miner revenues have reportedly hit a two-month low, dropping to around $34 million daily. This decline is largely attributed to lower transaction fees and a recent dip in Bitcoin's price. For miners, it means they are currently "the most underpaid they have been in the last year," according to the on-chain analytics firm.

However, here's the crucial part: despite the reduced income, CryptoQuant observes no significant selling pressure from miners. Miner wallet outflows have decreased significantly from their peak earlier this year, indicating that miners are holding onto their BTC reserves rather than liquidating them to cover operational costs.

This "hodl" mentality suggests that miners are either well-capitalized or remain confident in Bitcoin's long-term price trajectory, choosing to accumulate even during a period of lower profitability. It's a key indicator that, for now, the supply side from miners isn't adding to any potential downward pressure on Bitcoin's price.

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