Bitcoin Miners Stand Firm Amidst Challenges: No Signs of Surrender at 7.4% Price Increase

Despite concerns surrounding sell-offs and liquidity issues on Binance, Bitcoin miners remain steadfast as the price change since the last mining difficulty bottom rose by 7.4%, indicating that the market is no longer in distress and miners' forced sales are not affecting prices. On July 25, miners unloaded over 18,000 BTC (valued over $2 billion) on Binance in a single day, causing a scare of decreased buy-side liquidity.

Despite predictions of a local correction, the market reaction was less severe than expected. Bitcoin's price remained stable and even saw an increase. Despite a 3.5% drop in hashrate since mid-June and decreasing revenues, miners have opted to hold their coins. Currently, Bitcoin is up by more than 104% year-on-year. The market, according to observers, remains measured and resilient, with miners far from indicating any panic.