Data Shows Massive Bitcoin Selling From Miners; Rebel Satoshi (RECQ) Presale Exhibits Early Signs of Success
Bitcoin (BTC) has faced significant selling pressure since the recent halving.
Rebel Satoshi (RECQ) brings exciting rewards during the token’s ongoing presale.
CryptoQuant recently reported that Bitcoin (BTC) mining companies have recently offloaded massive amounts of BTC. Meanwhile, Rebel Satoshi’s RECQ has started to shake up the wider market space with its extraordinary future potential. Let’s see why RECQ could be a better investment pick than other presale memecoins!
According to CryptoQuant’s June 12, 2024, report, Bitcoin transfers from mining pools to exchanges had recently hit a two-month high. Most notably, the hourly BTC transfer from btc.com to Binance reached over 3,000 BTC on June 9.
Furthermore, several large US-based Bitcoin mining companies have decided to sell off a significant amount of their BTC holdings. For example, Marathon Digital sold 1,400 BTC during the first half of June, which is nearly 8% of the company’s total Bitcoin holdings.
As per CryptoQuant’s analysis, this development has resulted from the massive decrease in daily BTC mining revenues after Bitcoin completed its fourth halving event on April 19.
More precisely, daily miner revenues have decreased to approximately $35 million, marking a 55% drop from the March high of $78 million. In addition, the network’s hashrate has dropped by a mere 3.69% after the Bitcoin halving 2024 event, from 622 EH/s to 599EH/s.
Experts believe that the increased selling from Bitcoin miners could explain the asset’s lagging price performance during the first half of June. BTC plunged to a monthly low of $65,056 on June 14, which represents an 11.78% dip from Bitcoin’s all-time peak of $73,750 (recorded on March 14).
Thus, bears point out that Bitcoin is bound to
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