Bitcoin Miners Resist Selling Pressure Amid Revenue Squeeze

Bitcoin miners are facing a revenue squeeze due to weaker earnings trends, according to an analysis from Bitfinex. The Puell Multiple, which measures miner revenue relative to its yearly average, is currently near 0.7.

This indicates that miner revenue is below average, reflecting the financial strain on miners without a corresponding increase in selling pressure. Despite lower earnings, miners are not aggressively selling their holdings, which could have implications for market stability moving forward.

The Miners' Position Index is at -1.2, suggesting that miner outflows remain subdued despite weaker revenue. This indicates a level of confidence among miners, who seem to be holding onto their assets rather than liquidating them at lower price levels.