This metric was recently pointed out by Conner Brown (@_ConnerBrown_) on Twitter.

Despite this sell-off, Bitcoin’s price is still holding steady and is performing better than many analysts expected. At the time of writing, BTC has maintained its position above the $9,500 price point.

Bitcoin’s hashrate has also been slowly recovering since May 26 after a drastic drop a week earlier. Last week, BeInCrypto reported that Bitcoin’s hashrate dropped to its lowest level all year.

Whether or not we will see further centralization after some miners become insolvent remains to be seen. For now, miners seem to be offloading their mined bitcoins at an exceptionally high rate. Yet, this may just be a temporary readjustment — since it has been less than a month since Bitcoin’s halving.

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