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BTCMiner's volume share has fallen below 5%, which is lower than the bottom of the 2017 cycle.
Golden Finance reported that the recent trend of BTC Miner volume share is showing a decline. This value is used to track the percentage of Miner-related transactions in the total volume of BTC. Data shows that in the first quarter of 2024, the volume share of BTC Miner once exceeded 20%, indicating that Miners were transferring a large amount of funds on-chain. However, since this peak, this indicator has been declining recently and has now fallen below the 5% mark. This means that it is already lower than the bottom of the 2017 cycle, but it has not yet reached the low point during the 2021 Bull Market period.