Bitcoin Miners See Rising Share Prices as BTC Holdings Fall

Bitcoin Miners Report Decrease in Revenue and Reserves⁣ Despite Share Prices‌ Surge

Recently, share prices of bitcoin miners have been rising despite declining revenue and reserves.

Market capitalization of US-listed bitcoin [BTC] miners ​has reached​ a ⁣record high of $22.8 ‌billion on June 15, according to analysts at JPMorgan.

Glassnode’s analysis shows that Bitcoin miners’ account balances have been ⁢steadily declining over the past few weeks, currently standing at 1.8 million BTC, the lowest level since ​2021. This suggests an ongoing sell-off.

Moreover, Bitcoin’s price fell by 2% on June 18, trading at around $65,152. ⁢The initial support at $66,000 has now turned into resistance. A closer look at the indicators confirms a current downtrend, hinting at ⁣another major price move soon.