Key Points

US-listed Bitcoin miners’ stocks have seen a significant increase, despite declining revenues and reserves.
Bitcoin has fallen below its support line, indicating a negative trend.

The market cap of Bitcoin miners listed in the US recently reached an all-time high, despite a decline in their revenue and reserves.

Bitcoin Mining Stocks Surge

Analysts from JPMorgan reported a record market cap of $22.8 billion for US-listed Bitcoin miners as of June 15th. Stocks like Core Scientific, TeraWulf, and IREN led the surge, with gains of 117%, 80%, and 70%, respectively.

However, the Bitcoin miners’ balance has been steadily decreasing, with the reserve currently standing at approximately 1.8 million BTC, a three-year low. This suggests an ongoing sell-off from miner addresses.

Decline in Bitcoin Miner Revenue and Reserve

A downward trend in BTC miner revenue has also been observed. The current revenue stands at approximately 512 BTC, a significant drop from over 1,000 BTC earlier in the year. This decline is partly due to the recent halving event, but also indicates a general decrease in revenue.

Bitcoin’s price dropped 2% on June 18th, falling below its support level of around $66,000. This support level has now turned into resistance, with Bitcoin currently trading at approximately $65,121 and unable to break through the new resistance level.