Bitcoin miners see soaring stocks amid declining BTC holdings

The Bitcoin miner reserve has been declining in the last few weeks and could decline further if the price of BTC continues to fall.miners has climbed to a significant high, according to a recent report. Despite the rising stock prices of these miners, their revenue and reserves have been on a decline in the last few days.According to analysts at JPMorgan, the market capitalization of bitcoin miners listed on U.S. exchanges hit an all-time high of $22.8 billion as of 15th June.

This decline suggests that the volume of BTC held by miner addresses is shrinking, indicating an ongoing sell-off from these addresses.Currently, revenue stands at approximately 512 BTC, a significant drop from the over 1,000 BTC observed earlier in the year.hile the recent halving event has contributed to this decline, there has also been a general decrease in revenue overall.Initially, the support level, indicated by the short moving average , was around $66,000.

At the time of writing, Bitcoin was trading at approximately $65,121 and has been unable to break through the new resistance level. The stochastic indicator corroborates the current negative trend, continuing its downward trajectory.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations.

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