Bitcoin Miner Revenue Hits Lowest Point Since April
Bitcoin miners aren’t having a great month. Fresh data from CryptoQuant shows daily earnings dropped to $34 million in June—the lowest since April. That’s a sharp fall, and it’s not hard to see why. Transaction fees got cut in half, and Bitcoin’s price dipped about 15%. Both matter a lot when you’re running expensive mining rigs.
The last time things looked this rough was back in July 2022. And with operational costs climbing, some miners might have to make tough calls—selling off reserves or even shutting down temporarily. It’s a survival move, but it could flood the market with extra supply, which isn’t great for prices.
Whales Can’t Seem to Agree
Meanwhile, the big players—Bitcoin whales—aren’t on the same page. Glassnode’s numbers show smaller whales (holding 1-10 BTC) are selling, while mid-sized ones (10-100 BTC) are quietly stacking more. The Accumulation Trend Score inched up to 0.57, suggesting some renewed interest, but without unity among the biggest holders, the market feels stuck in limbo.
It’s a weird spot. Miners are sweating, whales are split, and yet… Bitcoin’s price action hasn’t totally collapsed. Instead, it’s been bouncing between $102,000 and $108,000, forming what traders call a “bull flag.” If that pattern holds, a breakout could be coming.
Could History Repeat Itself?
Analyst Cas Abbe thinks so. He pointed out on X that the current setup looks eerily similar to mid-2020, right before Bitcoin went on a tear. Back then, after a MACD crossover and a brief pullback, prices skyrocketed. If the same playbook works now, we might see Bitcoin hit $146,000—or even push toward $180,000—by October.
But Abbe isn’t buying the “supercycle” hype. He insists this is just part of Bitcoin’s usual four-year rhythm, with highs, corrections, and all the usual chaos. Still, if the MACD stays bullish, a 50-80% jump isn’t out of the question.
Of course, none of this is guaranteed. Miner struggles could drag prices down before any breakout happens. Whale behavior might flip overnight. But for now, the charts are hinting at something big—if Bitcoin can just push past that $109,000 wall.
