Bitcoin has taken a hit over the past week, dropping to around $65,000 on Friday.
Miners Cashing Out
Crypto miners have been selling off their Bitcoin holdings in recent days. On one day alone, they sold over 1,200 BTC, worth about $80 million. This selling pressure has contributed to Bitcoin’s price decline.
Miners are selling because their revenues have been falling. Transaction fees have decreased, and the network hashrate has remained high. This has led to lower profits for miners.
Whales Dumping BTC
Whales, who own large amounts of Bitcoin, have also been selling. In the past 10 days, they have sold 50,000 BTC, worth about $3.3 billion.
Signs of Recovery
Despite the selling pressure, Bitcoin is starting to show signs of recovery. As of now, it’s trading at $66,266, down only 0.7% in the past 24 hours.
