Here’s what Bitcoin miners are up to as they reel under sell pressure

plunged to a two-week low of $60.9k in the last 24 hours of trading. Though the king coin recovered to $62k as of this writing, it was still under heavy selling pressure, having lost nearly 15% of its value over the week, according toAccording to AMBCrypto’s examination of CryptoQuant’s data, the amount of Bitcoins held in miner wallets plunged to lows last seen nearly three years ago.

Evidently, the decline became steeper since November last year. This was the time when Bitcoin arguably started its bull cycle, and miners capitalized on the higher returns to boost their revenue.Miners’ earnings have soared substantially over the last four months, according to data from Glassnode. In fact, the daily revenue, comprising of transaction fees and fixed block subsidy of 6.25 BTCs, spiked to its second-highest level in history on the 7th of March.

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