Bitcoin (CRYPTO:BTC) miners have dumped over 30,000 BTC, valued at $2 billion, marking the fastest sell-off pace in more than a year post-halving.
The halving event, which slashed mining rewards, squeezed profits and forced miners to liquidate holdings.
This historic sell-off has depleted miners' reserves to their lowest levels in over 14 years, sending shockwaves through the crypto market.
Bitcoin's price plummeted from $71,907 to $63,378.89 in June, with altcoins also experiencing substantial declines, some exceeding 20%.
As uncertainty looms, the key question is whether this sell-off will trigger further market downturns or signal the end of miners' capitulation, potentially paving the way for a recovery.