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The latest market data discloses that that chief crypto asset has seen significant outflows with a dip in its price. CryptoQuant, a popular on-chain analytics firm, revealed that the miner outflows of Bitcoin reached a huge height of up to 19,000 BTC on August 5, denoting the highest outflow spot since March this year. The analytics platform took to its official social media account to provide the details of the respective development.
We may have seen a miner capitulation last week as Bitcoin outflows hit 19K $BTC on Aug 5, the highest since March.
Miners likely sold as their profit margins were squeezed to 25%, the lowest since January. pic.twitter.com/28j49kA7Te
— CryptoQuant.com (@cryptoquant_com) August 16, 2024
Bitcoin Sees Massive Miner Outflows as Its Price Dips to $49K
In its recent X post, CryptoQuant discussed the potential causes and outcomes of this substantial amount of outflows. On the 5th of this month, the Bitcoin price experienced an enormous plunge, placing it at $49K. The data suggests that this signifies the lowest interday price level since the 14th of February. Simultaneous to this, the above-mentioned surge in the miner outflows took place.
Miner Capitulation Indicates a Potential Selling Pressure
According to the analytics provider, this indicates the forced entry of miners into a capitulation zone. This is a scenario where the miners sell off huge amounts from the holdings thereof. The usual cause behind the respective move is often the declining profit margins or the financial pressure.
The time when the respective capitulation takes place aligns with a noteworthy slump in the profit margins of the miners. As per CryptoQuant, the margins had dipped to only twenty-five percent by the sell-off phase. They reportedly denote the lowest levels occurring since January this year.
