Bitcoin Meltdown: Miners Trigger Market Mayhem with Massive Sell-Off

[Coinpedia Fintech News]

Bitcoin miner outflows have surged to an 11-month high, with miners selling their holdings at the fastest rate in nearly a year, according to data from Glassnode.

The cause of this sell-off is unclear, but experts speculate that it could be due to the recent suspension of Bitcoin withdrawals by Binance or the fact that miner revenue has hit a yearly high. With fears of declining revenue, miners may be cashing out while BTC is still profitable.

On May 8, 2023, Bitcoin's miner revenue reached $41,744, a level not seen since April 2022. This development has raised concerns about a potential crypto crisis.