Bitcoin computing power has dropped significantly, and miners collectively sold their shares for a total amount of US$105 million.

BTC faces selling by miners and remains above 30,000 points. Bitcoin search volume declines, miners collectively sell off and cause computing power to decline Recent data shows that Bitcoin's popularity has declined significantly, especially from the trend of decreasing number of Google searches related to Bitcoin. Compared with the search volume of artificial intelligence (AI), the search volume of Bitcoin is significantly lower. This raises questions about whether the hype of Bitcoin is waning.

Although searches for #BTC have gradually risen since the beginning of the year, search interest has not fully recovered to the hype levels of 2021-2022. From a social media perspective, Bitcoin's share of social has dropped from 30.74% to 16.8% in recent weeks. In addition, the sentiment around Bitcoin has also continued to decline. This means that as of now, the number of negative comments about Bitcoin exceeds the number of positive comments. In addition to the social aspect, miners are not very optimistic about holding Bitcoin.

According to glassnode data, miners continue to send large amounts of Bitcoin to exchanges after the spot price of Bitcoin broke through the psychologically critical level of $30,000. As of now, the total amount transferred by miners to exchanges has reached $105 million, setting the second highest dollar transfer amount on record. The selling behavior of these miners has put downward pressure on the price of Bitcoin. The large influx of Bitcoin into exchanges has increased the supply available for sale, which may exceed demand and cause price depreciation.

In addition, large-scale transfers of Bitcoins by miners to exchanges may also increase the volatility of the cryptocurrency market. Large sell orders can cause sudden price fluctuations, creating uncertainty for traders and investors. The lack of confidence among miners could also further exacerbate the negative sentiment surrounding Bitcoin in society. Another thing to note is that the computing power of miners has also dropped significantly. A lower hash rate means the Bitcoin blockchain requires less computing power when verifying and adding transactions. Such a reduction in demand could lower energy and resource costs for miners, potentially increasing their revenues.