The recent halving reduced per-block coin emission from 6.25 BTC to 3.125 BTC. The BTC price is already facing downside risks from MT Gox’s $ 9 billion payout to creditors, and an increase in selling pressure from miners could worsen the situation. The high fees had alleviated post-halving stress on BTC miners, but now they feel the pressure of slashed miner rewards. Markus Thielen, head of 10x Research, expects miners to liquidate roughly $5 billion of BTC in the coming months. Crypto exchange Deribit made a similar observation on X, discussing an option strategy called “bear call spread.” Bitcoin forms lower highs, and miners facing shrinking revenues and fees are pressured to sell their holdings.

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