- Analyst claims that the price impact on BTC from miners has declined.
- However, the total miner supply stood at over $100 billion, hence a key price factor.
Bitcoin [BTC] was back to its three-month-long range lows near $60K amidst compounding negative sentiment drawn from several factors.
Market observers have cited macro uncertainty, the Bitcoin miner crisis, and supply overhangs from various entities, including planned Mt. Gox repayments.
However, one analyst, Fred Krueger, had downplayed the impact of Bitcoin miners on BTC price action based on the amount held by top miners and monthly supply. He said,
“These miners no longer matter to the price of Bitcoin. The top 5 together hold 34K BTC. Even if they sold half of everything they have, that’s only 1 billion USD, or 0.1% of the value of the asset. In terms of new supply, these 5 generate 2K BTC per month. It no longer matters.”
No, BTC miners still matter
Marathon Digital, Clean Spark, and Riot Blockchain are amongst the top public BTC miners per market cap. However, other analysts countered Krueger’s argument.
One of them, James Van Straten, underscored that most of the miners’ selling pressure was from unprofitable private miners.
“Public miners only have 20-25% of the hash rate. A lot of private companies that hold BTC are going under/spending BTC. This is one of the primary reasons why BTC struggles after each halving.”
Per Straten, the total supply held by miners was staggering at 1.8 million BTC, worth about $109.8 billion at current market prices.
The analyst added that despite a decline in the total supply held by miners, the staggering amount was still a “constant sell pressure.”
AMBCrypto analysis of the total BTC miner reserve confirmed Straten’s take. The metric had dropped to 1.8M BTC, which matched the lows seen in 2021.
Source: CryptoQuant
A recent AMBCrypto report established that BTC Miner to Exchange Flow has declined, denoting less BTC being forward to exchanges for sell-offs.
However, this also meant that future price upswings would tip the miners to offload at higher profits.
Another analyst, Willy Woo, also maintained that the miners still matter.
“Strip that away to get the real long term demand and supply. New investors, OG sellers, miners selling new supply in impulses. Turns out they still matter.”
In the meantime, the miner capitulations were far from over, and hashrates remained low. One user noted that the current one was the longest capitulation since the 2022 crypto winter.
“Hashrate continues to fall. This is now the longest #bitcoin miner capitulation since the bottom of the 2022 bear market.”
Source: Look Into Bitcoin
Historically, BTC prices bounce back whenever hashrates increase. If this trend continues, it could reinforce the idea that miners still have a say in BTC prices.
- Analyst claims that the price impact on BTC from miners has declined.
- However, the total miner supply stood at over $100 billion, hence a key price factor.
Bitcoin [BTC] was back to its three-month-long range lows near $60K amidst compounding negative sentiment drawn from several factors.
Market observers have cited macro uncertainty, the Bitcoin miner crisis, and supply overhangs from various entities, including planned Mt. Gox repayments.
However, one analyst, Fred Krueger, had downplayed the impact of Bitcoin miners on BTC price action based on the amount held by top miners and monthly supply. He said,
“These miners no longer matter to the price of Bitcoin. The top 5 together hold 34K BTC. Even if they sold half of everything they have, that’s only 1 billion USD, or 0.1% of the value of the asset. In terms of new supply, these 5 generate 2K BTC per month. It no longer matters.”
No, BTC miners still matter
Marathon Digital, Clean Spark, and Riot Blockchain are amongst the top public BTC miners per market cap. However, other analysts countered Krueger’s argument.
One of them, James Van Straten, underscored that most of the miners’ selling pressure was from unprofitable private miners.
“Public miners only have 20-25% of the hash rate. A lot of private companies that hold BTC are going under/spending BTC. This is one of the primary reasons why BTC struggles after each halving.”
Per Straten, the total supply held by miners was staggering at 1.8 million BTC, worth about $109.8 billion at current market prices.
The analyst added that despite a decline in the total supply held by miners, the staggering amount was still a “constant sell pressure.”
AMBCrypto analysis of the total BTC miner reserve confirmed Straten’s take. The metric had dropped to 1.8M BTC, which matched the lows seen in 2021.
Source: CryptoQuant
A recent AMBCrypto report established that BTC Miner to Exchange Flow has declined, denoting less BTC being forward to exchanges for sell-offs.
However, this also meant that future price upswings would tip the miners to offload at higher profits.
Another analyst, Willy Woo, also maintained that the miners still matter.
“Strip that away to get the real long term demand and supply. New investors, OG sellers, miners selling new supply in impulses. Turns out they still matter.”
In the meantime, the miner capitulations were far from over, and hashrates remained low. One user noted that the current one was the longest capitulation since the 2022 crypto winter.
“Hashrate continues to fall. This is now the longest #bitcoin miner capitulation since the bottom of the 2022 bear market.”
Source: Look Into Bitcoin
Historically, BTC prices bounce back whenever hashrates increase. If this trend continues, it could reinforce the idea that miners still have a say in BTC prices.
where to get cheap clomiphene tablets where to buy cheap clomid without prescription where to get cheap clomiphene no prescription how to buy generic clomiphene tablets can you buy generic clomid without insurance cost clomiphene for sale order generic clomid without rx
More posts like this would create the online space more useful.
You are a very bright individual!
The thoroughness in this piece is noteworthy.
azithromycin 250mg over the counter – oral tetracycline 500mg flagyl price
semaglutide 14mg for sale – buy periactin without prescription cyproheptadine 4 mg uk
order domperidone – motilium price flexeril over the counter
propranolol pill – clopidogrel 150mg uk order methotrexate 10mg
buy clavulanate paypal – atbioinfo ampicillin antibiotic online
me encantei com este site. Pra saber mais detalhes acesse nosso site e descubra mais. Todas as informações contidas são conteúdos relevantes e exclusivas. Tudo que você precisa saber está está lá.
amei este site. Pra saber mais detalhes acesse nosso site e descubra mais. Todas as informações contidas são conteúdos relevantes e exclusivas. Tudo que você precisa saber está está lá.
purchase nexium pill – anexa mate purchase esomeprazole generic
coumadin canada – https://coumamide.com/ hyzaar sale
mobic medication – https://moboxsin.com/ how to buy mobic
I am always searching online for articles that can aid me. Thanks!
buy deltasone 40mg pill – arthritis order prednisone 10mg without prescription
home remedies for ed erectile dysfunction – ed pills that work quickly buy ed pills generic
generic amoxicillin – combamoxi.com where can i buy amoxil
diflucan order – https://gpdifluca.com/ forcan ca
order cenforce 100mg generic – https://cenforcers.com/ cenforce 100mg pill
ranitidine 150mg cost – https://aranitidine.com/# zantac 150mg uk
cialis free trial voucher 2018 – cialis definition when does cialis go off patent
More posts like this would make the blogosphere more useful. https://gnolvade.com/
where can i buy a viagra – https://strongvpls.com/# viagra 100 mg buy
This is the kind of literature I in fact appreciate. https://ursxdol.com/cialis-tadalafil-20/
More text pieces like this would urge the web better. https://buyfastonl.com/
This is the gentle of writing I in fact appreciate. https://prohnrg.com/
This web site is my inhalation, real excellent style and design and perfect subject material.
I couldn’t hold back commenting. Profoundly written! https://ondactone.com/simvastatin/
I am in fact happy to gleam at this blog posts which consists of tons of worthwhile facts, thanks representing providing such data.
buy aldactone for sale
More text pieces like this would insinuate the интернет better. http://www.dbgjjs.com/home.php?mod=space&uid=531852
buy dapagliflozin generic – purchase dapagliflozin without prescription forxiga ca
buy xenical pills for sale – https://asacostat.com/ xenical pills
I’ll right away seize your rss as I can’t to find your e-mail subscription link or newsletter service. Do you’ve any? Please let me understand in order that I could subscribe. Thanks.
Facts blog you have here.. It’s severely to assign elevated calibre article like yours these days. I truly comprehend individuals like you! Take mindfulness!! http://www.underworldralinwood.ca/forums/member.php?action=profile&uid=493579