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Bitcoin price briefly dropped below $80,000 on Monday, hitting a four-month low of $77,393. This sharp decline triggered a wave of miner capitulation, prompting them to offload their holdings.
On-chain data has revealed an uptick in miner sell-offs—a trend that increases bearish sentiment in the market and puts more downward pressure on $BTC’s price.
Bitcoin Price Drops to Multi-Month Low as Miners Flood Exchanges
As Bitcoin fell to a multi-month low on Monday, miner transfers to exchanges surged sharply. According to CryptoQuant, $BTC’s Miner-to-Exchange Flow—which measures the total amount of coins sent from miner wallets to exchanges—spiked to 11,250 $BTC during this period.
When $BTC’s Miner-to-Exchange Flow climbs like this, it suggests that miners are offloading their holdings, often to cover operational costs or mitigate losses. This increased selling pressure can weaken $BTC’s price and accelerate market downturns.
Further, today’s drop in $BTC miner netflow confirms the coin sell-off trend among miners on the Bitcoin network. At press time, the metric’s value is negative at -620.01.
Miner netflow tracks the net amount of coins that miners are buying or selling. It is calculated by subtracting the amount of $BTC miners are selling from the amount they are buying.
When it is negative like this, it indicates that miners are selling more coins than they are buying. This is a bearish signal and often a precursor to an extended downward trend in the coin’s price.
$BTC Struggles at $80K Amid Heavy Selling
Historically, miners tend to sell more during price declines to cover operational expenses, which adds to selling pressure and can accelerate market downturns. $BTC currently trades at $81,686, shedding 1% of its value over the past 24 hours.
During that period, its trading volume has rocketed over 50%, reflecting the high selling activity in the market. If this selling trend continues, it could hinder $BTC’s near-term recovery, as the coin could drop below $80,000 again to trade at $73,631.
However, if strong demand steps in to absorb the additional supply, it could drive $BTC’s value up to $86,601.