CryptoQuant: Miners Increase Bitcoin Sales Due to Price Drop and Increased Mining Difficulty

In a report on Tuesday, CryptoQuant stated that as Bitcoin's price fell below $80,000, miners accelerated their sale of Bitcoin last week. The company noted that on April 7, miners sold a total of 15,000 Bitcoins, marking the third-largest single-day outflow of the year. Valued at no less than $1.12 billion at the day's lowest price of less than $75,000. CryptoQuant mentioned, "Miners' profit margins are squeezed by the price drop, along with low transaction fees and the Bitcoin network's hash rate reaching a record high, which means higher mining costs, leading to their average operating profit margin dropping from 53% at the end of January to 33% currently."

The company also noted that Bitcoin has been in one of its most bearish phases since November 2022. Bitcoin once reached a high near $109,000 before President Trump's inauguration, but has since struggled to break through $90,000.