The cryptocurrency market has witnessed a notable decline in Bitcoin's value, plummeting 4.5% over the past week to a monthly low of $65,000. This downward trend may be attributed to increased selling activity from Bitcoin miners, who are struggling with reduced revenues due to lower transaction fees.

According to CryptoQuant's latest report, miners have been transferring larger amounts of Bitcoin to exchanges, reaching a two-month high. On June 9, a significant spike in hourly transfers from the (link unavailable) mining pool to Binance was observed, totaling over 3,000 BTC. Additionally, miners sold at least 1,200 BTC via over-the-counter desks on June 10, marking their highest daily volume since late March.

Large Bitcoin mining companies, such as Marathon Digital, have also intensified their selling activity. Marathon Digital has sold 1,400 BTC in June alone, representing 8% of its total holdings, a substantial increase from the 390 BTC sold in May.

The increased selling pressure from miners comes as revenues remain low following the halving event in April. Daily miner revenues have plummeted to approximately $35 million, down 55% from $78 million in March. Furthermore, daily Bitcoin transaction fees have dropped significantly, currently hovering around 65, a far cry from the 117 recorded before the halving.

Despite the challenges, Bitcoin's network hashrate has remained remarkably high, only falling by 4% since the halving. This has put additional pressure on miners, who must compete for lower block rewards in terms of BTC. Currently, Bitcoin's hashrate stands at 599 EH/s, slightly down from the pre-halving rate of 622 EH/s.

In conclusion, the increase in miner selling activity, coupled with low revenues and high hashrate, may indicate a price bottom, according to CryptoQuant analysts. As the market continues to evolve, it remains to be seen how low BTC can go before a potential rally.