💠After the halving, when the mining reward was cut in half, mining activity decreased. Miners began selling Bitcoin in over-the-counter (OTC) transactions to cover operational expenses. According to CryptoQuant data, Bitcoin withdrawals from wallets linked to miners dropped by almost 90%.
💠The decline in Bitcoin’s hash rate following the halving added additional pressure on less efficient miners. The hash rate started to decrease, and the current price correction further reduced miners’ revenues.
💠CryptoQuant analysts expect positive movements in the cryptocurrency market in Q3 2024, believing that a bull rally will continue once the entire volume of miners’ sales is absorbed by the market.