Bitcoin miners have witnessed a substantial drop in revenue since Bitcoin’s peak of $73,679 in March.

On March 11, block rewards and transaction fees revenue soared to about $78.89 million daily. However, Blockchain.com data shows a precipitous decline of approximately 56% by June 12, settling at $34.26 million. The analyst emphasized the necessity for heightened stablecoin inflows, highlighting the stagnation in “new issuances” within the stablecoin market, which dampens liquidity and exacerbates price volatility.

The reservoir of stablecoins in crypto exchange reserves has contracted by nearly 10% over two months, now resting at $21.96 billion, as per CryptoQuant data.

Finally, outflows from spot Bitcoin exchange-traded funds (ETFs), such as those managed by Fidelity and Grayscale Investments, must decrease to mitigate the “selling pressure on Bitcoin,” the analyst noted. Farside data indicates that on June 18, Fidelity’s Bitcoin Wise Origin Fund and Grayscale’s Bitcoin Trust ETF experienced outflows of $83.1 million and $62.3 million, respectively.

Traders Foresee a Shift from the ‘Sideways Drift’ Imminently

Bitcoin is currently priced at $64,966, reflecting a 2.35% decline over the past 30 days, according to CoinMarketCap. It has depreciated 12% from its March zenith of $73,679. IT Tech suggests this might signify a “market nadir.