June was brutal for bitcoin minors.
New cryptochant’s chain data show that minors’ income fell to only $ 34 million per day, the lowest since April. These are the weakest minors that minors have seen for over a year – and one of the worst stretching since July 2022.
“Bitcoin minors have just seen their worst salary in one year”, “ Cryptoquant said in a post on X.
For an industry that works on thin margins and constant pressure, it is a large red flag.
What’s behind the accident?
Two key factors are responsible for this sharp drop in minor income.
First, Bitcoin’s transaction costs have dropped by 50%, reducing what minors gain in addition to block rewards. Second, the price of Bitcoin itself fell by around 15%, which has a direct impact on the revenues of minors.
When costs and prices take a hit, minors feel it quickly. This is exactly what we see now and it pushes the benefits near their lowest point in two years.
The margins are tight, the awards are down and the pressure is built. If this continues, some minors may be forced to reduce or stop the platforms until things improve.
Meanwhile, Bitcoin whales do not move the same way
While minors have trouble, the biggest Bitcoin holders, whales, show mixed signals.
According to Glassnode, there is no clear motif among whale wallets at the moment. The smallest whales, those that hold 1 to 10 BTC, redistribute their parts, which can perhaps lock profits or offset strategies. But larger wallets containing 10 to 100 BTC accumulate instead.
This contrast is important. The biggest whales purchases generally report confidence and this could explain why Bitcoin tries to exceed $ 108,000, a level he has tested recently.
The Glassnode accumulation trend score supports it, going from 0.25 to 0.57 – showing a significant increase in accumulation by these medium -sized whale wallets.
So where does that leave the market?
Currently, market split. The minors are under pressure, but the whales intervene.
If Bitcoin can maintain above $ 108,000, this could reduce part of the stress on minors and validate recent accumulation. But if the price drops, things could get worse before they improve.
Anyway, it’s a time to watch closely. The choices that minors and whales make now could set the tone for the next step in this cycle.
