Bitcoin – Is MARA’s $87M BTC move more evidence of miner distress?
Bitcoin's recent price decline below $60,000 has intensified distress across the mining sector. Publicly listed miner MARA moved $87 million worth of BTC (1,318 coins) to exchanges, likely for selling, amid the downturn. Miner revenue has plunged to $28.3 million daily, a 36% year-on-year drop, reaching levels last seen in Q3 2024. The Hash Ribbons metric confirms that miner capitulation, which began in late November, is ongoing and may even be worsening. Rising miner outflows, hitting a yearly high of 10.75k BTC, suggest sell-offs are accelerating. This increasing selling pressure could cap any strong Bitcoin price rebound, potentially leading to further declines or extended consolidation.
ambcrypto02/07 06:04
