Top crypto influencer and Bitcoin maximalist Tuur Demeester, citing data from the crypto analytics firm Glassnode, says Bitcoin miners are almost done selling their BTC.
Healthy bitcoin miners are hodling, and struggling miners have little BTC left to sell. Bullish. https://t.co/MFjaILwLlL
— Tuur Demeester (@TuurDemeester) June 5, 2020
Glassnode’s Miner Outflow Multiple metric tracks the volume of Bitcoin flowing out of miner wallets.
This multiple is currently at a trough point at .47 after a peak of 2.62 in mid 2019 and a previous low in late 2018 at .307.
On May 11th, the day of the halving, the reward for completing a block was reduced by 50% to 6.25 BTC, with revenue earned by miners initially plunging 48%.
The increased pressure to maintain profitability forced miners comprising up to 30% of the entire Bitcoin network hash rate to exit the market, according to data from the mining pool Poolin.