{"id":330107,"date":"2024-06-24T20:52:41","date_gmt":"2024-06-24T15:22:41","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-miners-sell-30k-btc-miner-reserve-dips-to-14-year-low-crypto-news\/"},"modified":"2024-06-24T20:55:53","modified_gmt":"2024-06-24T15:25:53","slug":"bitcoin-miners-sell-30k-btc-miner-reserve-dips-to-14-year-low-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-miners-sell-30k-btc-miner-reserve-dips-to-14-year-low-crypto-news\/","title":{"rendered":"Bitcoin Miners Sell 30K BTC, Miner Reserve Dips To 14-Year Low &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>In June, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/bitcoin-miner-riot-withdraws-bid-for-bitfarms-pushes-for-board-seats\/\">Bitcoin miners<\/a> offloaded over 30,000 BTC, equivalent to approximately $2 billion. This marks the highest monthly sell-off recorded this year. Moreover, this substantial liquidation has driven miner reserves down to a 14-year low of 1.9 million BTC as miners initiated selloffs to stay afloat after the recent Bitcoin Halving.<\/p>\n<h2>A Look At June\u2019s Bitcoin Selloff<\/h2>\n<figure id=\"attachment_204102\" aria-describedby=\"caption-attachment-204102\" style=\"width: 1284px\" class=\"wp-caption aligncenter\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-204102\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_204132.jpg\" alt=\"\" width=\"1284\" height=\"672\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_204132.jpg 1284w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_204132-300x157.jpg 300w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_204132-1224x641.jpg 1224w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_204132-768x402.jpg 768w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_204132-150x79.jpg 150w\" sizes=\"auto, (max-width: 1284px) 100vw, 1284px\"\/><\/noscript><figcaption id=\"caption-attachment-204102\" class=\"wp-caption-text\">Bitcoin Miner Reserve, Source: Carl B Menger | X<\/figcaption><\/figure>\n<p>The fourth Bitcoin Halving event in April 2024, which slashed block rewards from 6.25 BTC to 3.125 BTC, has significantly impacted miner profitability. This prompted especially smaller operations to liquidate their holdings to cover operational costs. Moreover, the Bitcoin price is currently much lower than the $80,000 juncture, which is the breakeven point for miners.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p>This trend is echoed by recent large-scale sales from Bitcoin whales, who have unloaded over $4 billion worth of BTC. Furthermore, the German government recently divested $3 billion from its Bitcoin reserves. Adding to the market\u2019s volatility, the price of Bitcoin has dipped below $61,000.<\/p>\n<p>This decline follows the announcement by Mt. Gox regarding the repayment of $9 billion in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/metaplanet-to-buy-7m-bitcoin-using-bond-sales-following-microstrategy\/\">Bitcoin<\/a> and Bitcoin Cash (BCH) to creditors, further unsettling the market. However, crypto analyst Ali Martinez has highlighted historical trends to suggest a potential rebound.<\/p>\n<figure id=\"attachment_204033\" aria-describedby=\"caption-attachment-204033\" style=\"width: 1105px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-204033\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"\" width=\"1105\" height=\"756\" data-lazy-srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_180823.jpg 1105w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_180823-300x205.jpg 300w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_180823-768x525.jpg 768w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_180823-150x103.jpg 150w\" data-lazy-sizes=\"(max-width: 1105px) 100vw, 1105px\" data-lazy-src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_180823.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-204033\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_180823.jpg\" alt=\"\" width=\"1105\" height=\"756\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_180823.jpg 1105w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_180823-300x205.jpg 300w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_180823-768x525.jpg 768w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/06\/20240624_180823-150x103.jpg 150w\" sizes=\"auto, (max-width: 1105px) 100vw, 1105px\"\/><\/noscript><figcaption id=\"caption-attachment-204033\" class=\"wp-caption-text\">Bitcoin RSI Levels, Source: Ali Charts | X<\/figcaption><\/figure>\n<p>He noted on X (formerly Twitter), \u201cIn the past two years, the #Bitcoin daily RSI has hit oversold territory three times, resulting in $BTC price surges of 60%, 63%, and 198%, respectively. With #BTC now below $62,000 and the RSI in oversold territory again, it might be a prime opportunity to buy the dip!\u201d<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p>Meanwhile, another prominent analyst, known as The Wolf of All Streets, provided a detailed technical analysis in his daily newsletter. He pointed out that Bitcoin revisited range lows, nearing $60,000, a crucial support area for bulls. In addition, the analyst observed that the 50-day moving average (MA) was breached days ago, while the 200-day MA, currently around $57,000, is rising.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p><noscript><link rel=\"stylesheet\" id=\"quads-style-css-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/quick-adsense-reloaded\/includes\/gutenberg\/dist\/blocks.style.build.css?ver=2.0.82\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"dscf7-math-captcha-style-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/ds-cf7-math-captcha\/assets\/css\/style.css?ver=6.5.3\" type=\"text\/css\" media=\"1\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"logdash-activity-log-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/plugins\/logdash-activity-log\/assets\/build\/index.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"parent-style-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/style.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"bootstrap-css-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/bootstrap.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"Carousel-css2-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/owl.carousel.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"Carousel-css-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/css\/owl.theme.default.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-magazine-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/style.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-font-awesome-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/includes\/font-awesome.min.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"tablepress-default-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/tablepress-combined.min.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/maincss.css?ver=1719223336\"\/><\/noscript><\/p>\n<p>\u201cIf the range breaks, look for that area as support. Price has not been below the 200 MA since $28,000,\u201d he stated. He emphasized the significance of the RSI reaching oversold territory, a first since August 2023, suggesting that the market might be nearing a bottom.<\/p>\n<p><strong>Also Read:\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-3-reasons-why-analysts-believe-its-time-to-buy-bitcoin\/\">Top 3 Reasons Why Analysts Believe It\u2019s Time To Buy The Bitcoin Dip<\/a><\/strong><\/p>\n<h2>Crypto Market This Week<\/h2>\n<p>This week\u2019s market activity is poised to be critical for Bitcoin and altcoins, which are both experiencing significant selling pressure. In June, Bitcoin has declined by 15%, while top altcoins have seen drops ranging from 20% to 40%. Moreover, te upcoming expiration of over 104,000 BTC options, valued at $6.72 billion, on June 28 is adding to the tension.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p>The largest derivatives exchange, Deribit, reported a put-call ratio of 0.52 with a max pain point at $57,000. It indicates that the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/trending\/bitcoin-price-drops-below-62k-whats-behind-this-drop\/\">Bitcoin price<\/a> is likely to remain under pressure in the near term. Traders are also bracing for the release of key economic data later this week. This includes the U.S. GDP growth rate on Thursday, June 27.<\/p>\n<p>In addition the market is eagerly anticipating the Fed\u2019s preferred inflation measure, the PCE inflation data, on Friday. These events coincide with the significant options expiry, creating a volatile environment. Moreover, it could even push the Bitcoin price below $60,000, possibly testing the $57,000 support level.<\/p>\n<p><strong>Also Read:\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/reasons-why-bitcoin-price-suddenly-dropped-to-62k\/\">Reasons Why Bitcoin Price Suddenly Dropped Below $61k<\/a><\/strong><\/p>\n<p><noscript><link rel=\"stylesheet\" id=\"quads-style-css-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/quick-adsense-reloaded\/includes\/gutenberg\/dist\/blocks.style.build.css?ver=2.0.82\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"dscf7-math-captcha-style-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/ds-cf7-math-captcha\/assets\/css\/style.css?ver=6.5.3\" type=\"text\/css\" media=\"1\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"logdash-activity-log-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/plugins\/logdash-activity-log\/assets\/build\/index.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"parent-style-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/style.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"bootstrap-css-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/bootstrap.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"Carousel-css2-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/owl.carousel.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"Carousel-css-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/css\/owl.theme.default.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-magazine-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/style.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-font-awesome-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/includes\/font-awesome.min.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"tablepress-default-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/tablepress-combined.min.css?ver=1719223336\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/maincss.css?ver=1719223336\"\/><\/noscript><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p>                                <!-- \n\n<div class=\"desktopPostEnd d-on\"><\/div>\n\n --><\/p>\n<div class=\"m-on mobiless\">\n<div id=\"social-section-new\">\n<p>\u2713 Share:<\/p>\n<p>                                  <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new wp_new\" href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/coingape.com\/bitcoin-miners-sell-30k-btc-miner-reserve-dips-to-14-year-low\/\" style=\"display: block\">  <i class=\"fa fa-whatsapp\"\/><\/a><\/p>\n<div>\n                                <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new tw_new_logo\" href=\"https:\/\/twitter.com\/intent\/tweet?text=https:\/\/coingape.com\/bitcoin-miners-sell-30k-btc-miner-reserve-dips-to-14-year-low\/\"><br \/>\n  <img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" class=\"mb-1\" alt=\"coingape\" width=\"30\" height=\"30\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\" class=\"mb-1\" alt=\"coingape\" width=\"30\" height=\"30\"\/><\/noscript><br \/>\n<\/a>\n                                <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>          <!-- \n\n<div class=\"m-on pl-2 pr-2\">\n            \n\n<div class=\"row\">\n            \n\n<div class=\"col-6 pr-2\">\n         \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-7-crypto-marketing-firms-of-the-year\/?utm_source=abovesidebartabnews&utm_medium=organicarticle\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/15175104\/top_crypto_marketing_agencies.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top Crypto Marketing Firms \/ Agencies 2023; 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CoinGape writers and reporters contributed to this article.                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD204054\">\n<p>  The presented content may include the personal opinion of the author and is subject to market condition. 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decoding=\"async\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10.jpg 640w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10-225x300.jpg 225w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10-150x200.jpg 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/div>\n\n\n                \n\n<div class=\"Educontent\">5 Reasons behind Mega Bank\u2019s 2024 Ethereum Price Prediction <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n     \n                              \n          <\/div>\n\n\n    \n          \n \n    \n            \n    <\/div>\n\n        --><\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In June, Bitcoin miners offloaded over 30,000 BTC, equivalent to approximately $2 billion. This marks the highest monthly sell-off recorded this year. Moreover, this substantial liquidation has driven miner reserves down to a 14-year low of 1.9 million BTC as miners initiated selloffs to stay afloat after the recent Bitcoin Halving. A Look At June\u2019s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":329209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-330107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/330107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=330107"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/330107\/revisions"}],"predecessor-version":[{"id":330111,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/330107\/revisions\/330111"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/329209"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=330107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=330107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=330107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}