Since early February, bitcoin miners have sold $1.4 billion worth of BTC, marking the fastest sell-off in over a year and the lowest point in four years.
Several factors have contributed to this capital outflow, including the recent halving event and a significant decrease in profitability. Post-halving, increased costs have forced miners to sell off.
Despite some positive news, such as the recent purchase of nearly 12,000 BTC by Microstrategy, bullish forecasts from Arthur Hayes and support from Michael Dell, the price trend of bitcoin remains weak, trading at $63,600 at the time of writing.
Therefore, we can expect a near-term rebound in the price of bitcoin. Since the beginning of the year, miners have reduced their reserves by 50,000 BTC, reflecting financial difficulties.
Recent actions by the German government have intensified market pressure, with approximately 3,000 BTC reportedly sold and another 47,000 BTC awaiting sale.
Market speculation suggests that the price of bitcoin may be limited in the short term, but a bullish trend is expected by the end of the year. A significant sell-off of bullish options expiring within a month and aggressive buying from September to December indicate expectations of consolidation in the summer followed by a bullish rebound.