Bitcoin Miners Trigger Selloff Amid Rising Post-Halving Costs

  • Bitcoin miners are experiencing heightened production costs following the recent halving event.
  • This trend has triggered a considerable sell-off in the market.
  • In the long term, market analysts predict a potential recovery bolstered by ETF support.

Bitcoin Miners Facing Impact of Post-Halving Costs Amid Market Selloff

Increased Production Costs Drive Bitcoin Miners to Liquidate Holdings

Recently, Bitcoin (BTC) miners have begun selling their holdings at an accelerated rate due to rising production costs. This trend appears to be linked directly to the post-halving era where operational expenses have surged.

Substantial Uptick in Mining Pool Transfers

Data from blockchain analytics platform CryptoQuant reveals a notable increase in mining pool transfers to OTC desks. This phenomenon is occurring as miners strive to liquidate their assets to cover escalating costs.

Major Publicly Traded Companies Also Reducing Holdings

Even large, publicly traded mining enterprises have joined this trend, with notable firms offloading significant portions of their Bitcoin reserves.

Market Impact and Future Outlook

This sell-off has resulted in a noticeable slump in Bitcoin prices, currently trading around $66,618.03, experiencing a 4.39% drop in the last 24 hours. However, experts suggest that this downturn might only be temporary, with potential market recovery in sight, particularly due to support from ETFs.

Conclusion

In summary, Bitcoin miners are grappling with increased production costs, leading to widespread asset liquidation. Although this has put downward pressure on Bitcoin prices in the short term, there is optimistic speculation about a market rebound facilitated by ETF influx, positioning BTC for a potential bullish trajectory.

BREAKING NEWS

Bitcoin’s Critical $10.6K–$10.7K Support Zone — CryptoQuant Analyst Axel Says $10K Test Likely If Broken

CryptoQuant analyst Axel posted on social media identifying Bitcoin...

Whale Readjusts ETH Buy Range to $3,660–$3,710, Plans $11M Purchase — On-Chain Analyst

COINOTAG News reports that on October 17 an on-chain...

Trump Files Slimmed-Down 40-Page Defamation Suit Against New York Times Seeking $150 Billion in U.S. Dollars

On October 17, U.S. President Donald Trump refiled a...

Whale Deposits 58.6M ASTER ($92.3M) to Daniel Larimer’s Binance Wallet — Over $23M Loss Reported

On October 17, COINOTAG — citing on‑chain monitoring by...

Bitcoin Enters Short-Term Standstill After Crash — Chris Burniske Eyes $100K Reaction, May Buy Below $75K

Former Ark Invest crypto lead Chris Burniske framed last...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img