On-chain data has revealed that Bitcoin miners have been moving more BTC to exchanges as the coin’s price continues to plunge. The increased miners-to-exchange flows have also raised speculations that miners are planning to offload the coin due to the current price action. The speculations have further increased the selling pressure already surrounding the coin over the past few weeks.
CryptoQuant analyst explained that miners have historically been known to sell more coins during price dips to cover operational costs, describing them as forced sellers. The analyst added that higher miner sell-offs during dips usually indicate a financial strain among miners and mining companies, including due to increasing costs.
IT Tech also commented that miners were a key part of the crypto markets and contributed to the market liquidity. The analyst highlighted that a surge in selling by miners increased the overall selling pressure in BTC markets. IT Tech further mentioned that continued selling among miners could lead to downward pressure on BTC prices and a slow recovery for the market. The analyst explained that the coin’s price could stabilize if buyer demand matches sell-offs.
Miners’ BTC flows into exchanges have notably increased since November, with a peak in December. Today’s exchange inflows are lower than at the beginning of the month but still high, standing at 5,342 BTC. The amount is still lower than yesterday’s over 11,000 BTC miner-to-exchange flows.
Bitcoin price might drop further if selling pressure increases
#Bitcoin continues to face persistent sell pressure, especially from recent buyers. Heightened volatility, weak demand, and liquidity constraints have prevented meaningful accumulation from restarting, reinforcing downside risks. pic.twitter.com/eLbDeVylJk
— glassnode (@glassnode) March 11, 2025
Bitcoin price today has dropped under $80,000 severally today, reaching lows of $76,808 before surging to about $81,000 at the time of writing. The current price is about 1% higher than yesterday but still over 25% lower than the all-time high experienced earlier this year. The current price is also over 1% lower in the past 7 days and over 16% lower in the past 30 days when BTC’s price was above $95,000.
The coin’s price has been constantly dropping due to several factors, including increasing political uncertainty. U.S. President Donald Trump’s tariffs have caused volatility in crypto and capital markets, sparking recession rumors. Trump’s recently signed executive order to establish a digital asset stockpile and a U.S. strategic Bitcoin reserve has also not boosted BTC prices as expected.
A recent Forbes report highlighted that continued selling as the coin’s price plunges could lower BTC prices. The report cited BitMex founder Arthur Hayes, who commented on the increased sell-offs of Bitcoin after the price dropped below $80,000. Hayes indicated that the coin could drop to $70,000 if the selling pressure persisted.
The report also highlighted 10x Research’s executive Markus Thielen’s remarks that most of the BTC sell-offs came from recent buyers. Thielen insisted that most of the current sell-offs were dominated by panic selling, which could drive the coin lower. The report also hinted that BTC investors are increasingly shedding their holdings as they see Bitcoin as a risk asset ‘for the first time since Trump took office.’
Bitcoin mining companies under pressure amid BTC price drops
Bitcoin mining companies and stocks have been suffering amid dropping crypto prices. A recent JPMorgan report revealed that the mining stocks dropped by 22% in February alone due to dropping BTC prices. The report further mentioned the increasing pressure of the dropping crypto prices and the 2024 April Bitcoin halving event on BTC mining companies’ revenue. The halving event cut Bitcoin mining rewards down from 6.25 BTC to 3.125 BTC, significantly affecting mining companies’ revenue.
JPMorgan also pointed out that mining company revenue had fallen by approximately 46% since the halving event, while gross profits further dropped by approximately 57%. The report shed light on the 2024 Q4 revenue reports from the mining companies in February, which indicated that Core Scientific was the only company that had better results than expected. According to the earning reports, all mining company stocks had still plunged significantly, including Riot Platforms, Mara Holdings, and Bitdeer.
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