CryptoQuant said in a report on Tuesday that miners accelerated the pace of selling bitcoin last week as the price fell below $80,000. On April 7, miners sold a total of 15,000 bitcoins, the company said, the third-largest single-day outflow this year. Based on the day's lowest price of less than $75,000, it is worth at least $1.12 billion. CryptoQuant said: "Miners' margins have been squeezed by falling prices, coupled with low transaction fees and record highs in the Bitcoin network, which have meant higher mining costs, causing their average operating margin to drop from 53 per cent at the end of January to 33 per cent today." The company also noted that bitcoin has been in one of its least bullish phases since November 2022. Bitcoin reached a high near $109,000 before President Trump's inauguration, but has struggled to break through $90,000 since.