Odaily星球日报讯 QCP Capital 在上周末发布的市场分析报告中表示：“比特币矿工面临着巨大的抛售压力，因为减半事件后达到盈亏平衡的价格上涨。矿工的比特币持仓已降至 14 年来的最低水平，总储备较今年年初减少了 5 万枚。” 其还称：“市场也受到了大量新供应的冲击。据称，德国政府近期出售了大约 3000 枚 BTC，还有 4.7 万枚 BTC 有待出售。”（CoinDesk）

Odaily星球日报讯 QCP Capital 在上周末发布的市场分析报告中表示：“比特币矿工面临着巨大的抛售压力，因为减半事件后达到盈亏平衡的价格上涨。矿工的比特币持仓已降至 14 年来的最低水平，总储备较今年年初减少了 5 万枚。”其还称：“市场也受到了大量新供应的冲击。据称，德国政府近期出售了大约 3000 枚 BTC，还有 4.7 万枚 BTC 有待出售。”（CoinDesk）

QCP Capital：比特币矿工面临巨大抛压，总储备较年初减少5万枚

Odaily Odaily News QCP Capital said in a market analysis report released last weekend: "Bitcoin miners are facing huge selling pressure because the break-even price has risen after the halving event. Miners' Bitcoin holdings have fallen to the lowest level in 14 years, and total reserves have decreased by 50,000 from the beginning of this year." It also said: "The market has also been hit by a large amount of new supply. It is said that the German government has recently sold about 3,000 BTC, and there are 47,000 BTC to be sold." (CoinDesk)

Odaily Odaily News QCP Capital said in a market analysis report released last weekend: &quot;Bitcoin miners are facing huge selling pressure because the break-even price has risen after the halving event. Miners&#39; Bitcoin holdings have fallen to the lowest level in 14 years, and the total reserves have decreased by 50,000 from the beginning of this year.&quot; It also said: &quot;The market has also been hit by a large amount of new supply. It is said that the German government has recently sold about 3,000 BTC, and there are 47,000 BTC to be sold.&quot; (CoinDesk)

QCP Capital: Bitcoin miners face huge selling pressure, total reserves reduced by 50,000 compared to the beginning of the year

According to data from Odaily Odaily, following the block reward halving event on April 20, the revenue per TH/s earned by Bitcoin miners (7-day MA) has hit a record low in the past two months. In addition to the halving, another possible reason for the reduction in miners' income is the small number of new wallets entering the Bitcoin ecosystem, which is currently at its lowest level since 2018 (7-day MA). It is worth mentioning that mining company CleanSpark is still performing well, and its stock price has outperformed Bitcoin so far this year. In addition, the stock prices of Bitcoin mining companies Bitfarms and Core Scientific have also outperformed Bitcoin, but smaller mining companies have been struggling. (The Block)

Affected by the halving event and the decline in the number of new wallets, Bitcoin miners' income has hit a record low in the past two months

Bitcoin has fallen lower and lower since hitting $71,754 on June 5, with the crypto market facing selling pressure from spot ETFs, miners’ Bitcoin reserves, and even Bitcoin from government seizures.
(Billions of dollars have left the country in recent days! BTC 62K, meme coins have all fallen, and cryptocurrencies have entered a generally falling market)
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- ETF outflows for six consecutive days
- Miners continue to sell Bitcoin
- Government abandons Bitcoin auctions and turns to exchanges to sell them
ETF outflows for six consecutive days
According to data compiled by Bitcoin.com, Bitcoin...

The crypto market is under selling pressure: spot ETFs are outflowing, mining companies are reducing their reserves, and government agencies are selling

From the analysis of on-chain behavior, how far may BTC fall in extreme cases in the bull market?
The overall logic is to evaluate from two aspects based on on-chain behavior analysis and historical data.
Method 1: From the perspective of STH-MVRV (short-term holders)
Short-term holders are important participants in the bull-bear transition, so the performance of STH-MVRV has extremely important reference value in the bull market cycle. I have used 2 tweets to explain its principles and functions in detail. New friends can refer to the following link, and I will not repeat it here.
About STH...