Glassnode: BTC miners have not "fully sold off," and are currently likely in a break-even period

ChainCatcher message, Glassnode Chief Analyst James Check stated in an X video on June 21: "We are in a hash ribbon reversal period, with block generation times about 14 seconds slower than they should be. This indicates a lower online hash rate and slightly slower block generation."

A hash ribbon reversal occurs when the 30-day moving average of the hash rate falls below the 60-day moving average, indicating mining difficulty. This can be caused by various factors, including increased operational costs, a drop in Bitcoin prices, or issues with miners' equipment.

James stated: "Miners may be struggling here; they may not have fully entered bear market levels, mining 10 Bitcoins and then selling 10 Bitcoins. Miners must adapt and adjust fees to become their primary source of income, forcing the industry to innovate further and apply effective capital management."