According to reports, several BTC miners took advantage of the “bullish” momentum in the past two weeks. According to data from cryptoquant.com, Bitcoin miners sold over 5,925 BTC during the period.
In the past 24 hours, Bitcoin has dropped by over 7.3% after over $600 million left the crypto market. The Crypto market has struggled to remain above $1 trillion in 2022.
Crypto Miners Sold Over 6,000 BTC Since August 1st
Bitcoin fell from $23,595 to about $21,268. This amounts to a 7.3% drop. Also, other currencies such as Ethereum dropped by 7.4%, BNB dipped by 5%, ADA fell by 10.3%, and XRP dipped by 9%.
This price drop has wiped over $600 million from the total crypto market valuation. However, Bitcoin miners have taken advantage of the relatively “bullish” market in the last fourteen days.
As per data from cryptoquant.com, BTC miners took advantage of the latest upswing in the crypto market to sell their crypto holdings.
Ali Martinez, who shared the information from cryptoquant.com, said miners sold over 5,925 BTC. This is equivalent to about $142 million.
After Martinez’s tweet, data from the platform showed that over 6,100 BTC were sold since August 1st. According to the platform’s Position Index for Miners, BTC miners are selling moderately.
Two months before August 1st, several BTC mining firms had sold some of their Bitcoin. This was due to the reduction in the price of BTC, and several firms needed funds for their operation.
Bitcoin’s Mining Difficulty And Hash Rate Increases
On July 29th, a newsletter from Blockware Intelligence noted that miners’ capitulation would soon end. In the first fourteen days of August, miner capitulation seemed to be over, and BTC rose to about $25,212 on August 14th.
Bitcoin is far from its ATH of $69,044 reached on November 10th. This week, BTC’s mining difficulty increased by about 0.63%, coupled with the drop in prices.
This made it hard for miners to find Bitcoin blocks as mining became less profitable compared to last week. The mining difficulty of Bitcoin has increased. Also, Bitcoin’s hash rate has hiked by 46%.
On August 18th, the average hash rate of Bitcoin was about 182.40 EH/s. However, the hash rate has increased to over 267.40 EH/s signifying a rise of approximately 46.60%.
It appeared the crypto market was recovering at the beginning of August. However, prices are down as digital currencies are in the red region.