Investing.com, came under pressure last week, trading as low as $65,000 on Friday, as on-chain metrics showed Hodlers have been selling Bitcoin since early June, according to HC Wainwright.
The bearish trend includes selling by miners, adding to selling pressure amid a hawkish outlook from the Federal Open Market Committee (FOMC) on Wednesday. “Long-term holders' sales may not be catalyzed by a specific event, but their buying and selling activity typically dictates short-term market movements as the Bitcoin community closely follows the wallets of large holders.” , reads the report.
Spot Bitcoin ETFs had their worst week of outflows since mid-March, with the 11 US ETFs reporting a total net outflow of $580.6 million last week, according to data from Farside Investors.
Last week, Bitcoin fell 4.3% to finish just above the $66,600 mark, underperforming major stock indices. Meanwhile, mining stocks rose another 15.7% week over week thanks to continued positive sentiment on the political front.
On June 11, executives from some of the largest Bitcoin mining companies in the US met with Republican presidential candidate Donald Trump at his Mar-a-Lago resort in Palm Beach, Florida. They discussed how miners can help strengthen the country's energy grid and increase job creation nationwide. Trump showed his support in a statement posted on Truth Social, his social media app, where he posted: “Bitcoin mining may be our last line of defense against a CBDC (central bank digital currency)… We want the entire Remaining Bitcoin is Made in the USA! It will help us master the energy!”
Following the recent rally in mining stocks, the combined market capitalization of the 19 Bitcoin miners in HC Wainwright's dataset reached a record $26 billion as of June 14. The network hash rate decreased by 3.9% week over week to 581 EH/s, while the network difficulty remained at 83.7T after the last negative adjustment of -0.8% on June 6 .
Additionally, the report highlighted that hash prices fell 12.4% week over week to $0.054/TH/day due to lower Bitcoin prices and transaction fees.
Elsewhere, Texas-based miners responded positively to the statement. RIOT public policy chief Brian Morgenstern said bringing in miners to help support the grid will create a more flexible power load and help keep power grids balanced in the state.
