On-chain analysis by market intelligence platform CryptoQuant has found that selling pressure from Bitcoin miners has eased and remained low despite a significant decline in transaction fees.
According to the firm’s latest weekly report, Bitcoin sold daily by miners currently sits around 300 BTC, significantly down from the companies’ 800 BTC daily sales in November and December 2023.
Bitcoin Miner Selling Pressure Remains Low
Bitcoin miner selling pressure has stayed low in 2024 as the largest publicly traded mining firms replenish their holdings. This increase in the companies’ BTC holdings comes as miner profitability decreases by its largest amount in at least a year.
CryptoQuant analysts said miner profit/loss sustainability metrics show these firms have been “mostly extremely” underpaid in 2024 due to fewer transactions on the Bitcoin network. Bitcoin’s transaction count has fallen to a three-month low of 278,000 from December’s all-time high of 731,000 daily.
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