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Bitcoin [BTC] miners feel the heat with high sell pressure, can this ease their trouble

2min Read

As Bitcoin Stamps surpasses Ordinals in terms of growth rate, the NFT market was positively impacted. However, miners continue to face difficulties as selling pressure rises.

Bitcoin [BTC] miners feel the heat with high sell pressure, can this ease their trouble

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-Bitcoin Stamps could play a key role in attracting users to the Bitcoin network.

– Miners saw pressure as difficulty in mining continued to rise.

According to data provided by Messari, on 14 April, Bitcoin Stamps (Secure Tradeable Art Maintained Securely) surpassed Ordinals in terms of growth rate.


Read Bitcoin’s [BTC] Price Prediction 2023-2024


For the uninitiated, Bitcoin [BTC] Stamps has emerged as an alternative way to store data on Bitcoin. Compared to Ordinals, which stores image data within printable transaction witness data, Bitcoin Stamps stores it directly within spendable transaction outputs.


The NFT market of the Bitcoin network was also positively impacted by the interest seen in both Stamps and Inscriptions. This was evident from the growing number of NFT trades on the network over the past week.

Source: Santiment

BTC miners in trouble

Even though an active interest in the Bitcoin network may be a positive development for BTC, the miners were still facing distress.

As per analyst CryptoVizArt, the Puell Multiple, an indicator that measures miners’ revenue against their average income over the previous year, showed that miners were making less than 12% of their average yearly earnings. This was due to the growing hashrate of Bitcoin, which led to a spike in the network’s difficulty.

The ongoing bear market also placed significant pressure on miners’ revenue with the contraction in prices and a rise in difficulty. If the difficulty level remains unchanged, breaking the $33.6k mark will indicate the conclusion of the bear market for miners, as per CryptoVizArt.

Another indicator of high selling pressure was the increasing MVRV ratio for Bitcoin. A high MVRV ratio usually indicates that an asset has been overbought and many addresses have the potential to sell their holdings for a profit.


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However, the Long/Short indicator was also positive. This suggested that most of these addresses were long-term holders who are unlikely to sell despite seeing profits.

Source: Santiment

Traders, on the other hand, continued to be slightly bearish with their decisions, as showcased by Greeks.live’s data, according to which there were more puts than calls options for BTC. Around 30,500 BTC options were about to expire, with a Put-Call Ratio of 0.99, with the max pain point being $29,000.


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Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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