Miners are selling their bitcoin again as the cryptocurrency struggles to hold onto $70,000

Signs of miner capitulation are emerging as bitcoin wrestles with the $70,000 level.

Signs of miner capitulation are emerging as bitcoin continues to wrestle with the $70,000 level. According to data from CryptoQuant, the flow of bitcoin leaving miners wallets for exchanges – which indicates a selling event – reached a two-month high last weekend. Additionally, miner selling through over-the-counter desks saw its biggest daily volume since late March.

" That's mostly as a result of "depressed" transaction fees, however, rather than the slashing of miners' block reward at the halving. He said the Bitcoin network's total daily transaction fees are more than 44% lower than they were pre-halving and that, even with record-high transactions on the network, the median transaction fee has remained low. On top of that, the Bitcoin network's hash rate has barely declined since the April 19 halving, Moreno added.

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