Bitcoin Price Stalls at $94K as Altcoins Rally and Whales Accumulate

In June, Bitcoin’s hashrate suddenly plunged to its lowest level in over a year. The decline came amid heightened political tensions between the US and Iran, prompting speculation about a potential geopolitical connection.

However, experts remain divided. What are the arguments on both sides of the debate? Here’s a deeper look.

Bitcoin Hashrate Plunges After ATH – Is Iran the Culprit?

Hashrate, a key metric measuring the computational power securing the Bitcoin network, indicates the scale and health of mining activity.

A high hashrate means more miners participate, making the network more secure. When the figure drops, it typically suggests that many miners have paused operations for some reason.

According to CryptoQuant, the 7-day average Bitcoin hashrate dropped to 800 EH/s — its lowest level since March 2025.

This sharp decline occurred between June 14 and 24, coinciding with rising military tensions involving Israel, the US, and Iran.

Nic, founder of CoinBureau, proposed a provocative theory. He suggested Iran may have converted oil into Bitcoin to bypass sanctions and fund state spending.

In a post on X, Nic estimated that about 3.1% of the global Bitcoin hashrate could be coming from Iran.

He argued that the drop in hashrate following US airstrikes might not be coincidental. Bitcoin mining facilities operated by Iran’s Islamic Revolutionary Guard Corps (IRGC) could have been targeted.

This theory is supported by blockchain analytics firm Elliptic, which has reported that Iran uses Bitcoin mining as a financial tool to withstand international sanctions.

Mike Alfred, another analyst, went further. He claimed that Iran is not only evading sanctions with Bitcoin, but also selling BTC obtained through cyberattacks to buy missiles and upgrade its uranium enrichment infrastructure.

“We might have entered an era where countries are bombing each other’s Bitcoin mining facilities as part of the global hash war I predicted in 2017,” Max Keiser told BeInCrypto.

Could the US Be the Real Cause?

Rob Warren, author of The Bitcoin Miner’s Almanac, offered a different view. He suggested the drop may be rooted in domestic conditions in the US, not geopolitical conflict.

Instead of blaming airstrikes in Iran, Warren pointed to extreme heat in the US as a more likely factor.

“It’s impossible to know at any given moment how many miners are operating. Block time is the only proxy we have for existent hashrate. My guess is curtailment due to the US heat dome, combined with many other unknowns. I don’t think Iran is a single cause,” Warren said.

Tech investor Daniel Batten agreed and applied Occam’s Razor — the idea that the simplest explanation is usually correct.

He noted that record-high temperatures in Texas drove up electricity demand on the ERCOT power grid, forcing miners to scale down operations to prevent overload.

Data from the US Energy Information Administration (EIA) shows electricity usage in Texas has surged, partly due to the growth of data centers and mining facilities. Natural gas-powered electricity generation is projected to increase by 8% in 2025.

The crypto community watches closely for definitive answers as geopolitical instability and climate-related disruptions rise. Regardless of the cause, this hashrate drop will likely have long-term implications for Bitcoin’s price and mining strategies.

The post Experts Debate Why Bitcoin Hashrate Plummeted in June appeared first on BeInCrypto.

As leading coin Bitcoin weathers one of its most bearish weeks since the start of the year, on-chain data suggests that miners have contributed significantly to the growing sell-side pressure. 

On-chain data reveals that miners on the Bitcoin network have ramped up their coin-selling activity, a trend that could exacerbate the downward pressure on the coin’s price.

Bitcoin Bears Take Control as Miner Reserve Dips

According to CryptoQuant’s data, the BTC miner reserve has steadily decreased this week. As of this writing, it stands at 1.80 million BTC, down 1% from the previous week.

The BTC’s miner reserve tracks the number of coins held in miners’ wallets. It represents the coin reserves miners have yet to sell.

When the metric climbs, miners are holding onto more of their mined coins, often signaling confidence in future price increases. Conversely, when the reserve declines like this, miners are moving coins out of their wallets, usually to sell, confirming growing bearish sentiment against BTC. 

The coin’s negative miner netflow further confirms this trend. As of April 10, this was -590.40. BTC’s miner netflow tracks the difference between the amount of coins sent to exchanges versus what is withdrawn.

When its value is negative like this, more coins are being moved from miner wallets to exchanges, typically a precursor to selling. 

With added downward pressure from this segment of BTC holders, the coin’s price could see deeper corrections in the short term if buying interest fails to counterbalance the ongoing liquidation.

Bitcoin’s Bearish Trend Could See Price Fall to $74,000

On the daily chart, BTC remains significantly below its Super Trend indicator, which forms dynamic resistance above its price at $90,911.

This indicator tracks the direction and strength of an asset’s price trend. It is displayed as a line on the price chart, changing color to signify the trend: green for an uptrend and red for a downtrend.

When an asset’s price trades below its Super Trend indicator, selling pressure dominates the market. This bearish trend could further prompt BTC holders to sell, worsening its price dip. If this happens, the coin’s price could fall below the key support at $80,776 to trade at $74,389. 

However, if market sentiment improves and coin holders reduce their selling activity, BTC could reverse its downtrend and rally to $86,172.

The post Bitcoin Faces More Downside as Miners Join the BTC Selloff appeared first on BeInCrypto.