Bitcoin Tumbles to $60,000 as On-Chain Transactions Near Record, Signaling Major Holder Rotation
Summary
- As Bitcoin plunged to around the $60,000 level, on-chain transaction counts climbed to levels near a historical peak, signaling a large-scale holder rotation is underway.
- The market still faces strong selling pressure, with short-term holders offloading assets at a loss, reinforcing the view that capital flows are shifting from crypto into traditional financial markets.
- CryptoQuant said miners' exchange inflows rose to about 10,000 BTC to 12,000 BTC a day, and that a cautious approach is warranted until flows return to normal levels.
Forecast Trend Report by Period
Bitcoin has tumbled to around $60,000, while on-chain data shows asset transfers rising to levels نزدیک a record high, suggesting a massive rotation of holdings is underway.
AMB Crypto reported on June 7 that crypto analyst Darkfost sees Bitcoin transaction counts approaching historic highs, pointing to large-scale repositioning across the market. Bitcoin has fallen from above $80,000 to around $60,000 over the past three weeks, retesting its February low for this year.
According to Darkfost, Bitcoin transactions on a 30-day moving average now stand at about 640,000, close to the 660,000 recorded during the September 2024 correction. Transaction spikes typically emerge during a strong bull run or near a market top, but this time they are occurring alongside a price slide.
The combination of heavy transaction volume and falling prices could signal capitulation among market participants, he said. It may also indicate that one of the most significant handovers in Bitcoin's history is now unfolding.
Selling pressure across the broader market remains intense. Strategy recently logged its largest unrealized loss on record, while short-term holders have been offloading assets at a loss. That has added to views that capital is moving out of crypto and into traditional financial markets.
Miner profitability is deteriorating rapidly. CryptoQuant data showed Bitcoin's mining cost has held at about $43,000, but miners' profit margins dropped to about 47% from roughly 98% after the sharp fall in Bitcoin prices. Daily hash rate also fell about 33% over the same period.
Bitcoin transfers from miners to exchanges have also risen sharply. CryptoQuant said miners' exchange inflows recently increased to about 10,000 BTC to 12,000 BTC a day, adding that caution is warranted until the figure returns to the usual 1,000 BTC to 3,000 BTC range.
Darkfost said selling pressure has not fully eased, making it too early to conclude that a market bottom has formed. If extreme fear persists, Bitcoin could fall further to around $51,000.
