Bitcoin Move Toward $60K Sparks Fresh Miner Selling Wave: CryptoQuant

Activity among Bitcoin miners has picked up once more as the asset revisited the $60,000 level in early June, based on data highlighted by CryptoQuant analyst Darkfost.

This latest increase mirrors a similar situation in February, when a drop below $60,000 led to a notable rise in miner outflows. During that period, over 24,000 BTC were transferred by miners to Binance on February 5 alone, while the monthly average climbed from roughly 5,000 BTC to above 8,000 BTC.

A comparable trend has now returned in June, with several days recording more than 10,000 BTC in daily miner inflows to Binance, peaking at about 12,800 BTC. Consequently, the monthly average has moved higher from 4,700 BTC to 7,100 BTC.

The analyst also noted that, with production costs estimated at $76,000 and Bitcoin trading around $65,000, many miners are under pressure and are selling BTC to cover operating expenses.

Source: CryptoQuant