Hashrate Falls, But Miner Selling Stays Low

Despite the drop in revenue, miners have not responded with increased selling. CryptoQuant reports that Bitcoin outflows from miner wallets have steadily decreased, falling from a peak of 23,000 BTC per day in February to around 6,000 BTC today.

This represents a significant reduction in selling activity, especially given the recent price volatility. Notably, the network’s hashrate has experienced a 3.5% drawdown since June 16, marking the largest decline in nearly a year.