- Miner capitulation has yet to occur despite BTC’s recent poor price performance.
- However, they have continued to take profit.
In a recent report, pseudonymous CryptoQuant analyst Yonsei Dent noted that despite Bitcoin’s [BTC] price decline post-Exchange Traded Fund (ETF) approval, miner capitulation has yet to set in.
Dent considered BTC’s Hash Ribbon metric – which identifies market trends and miner behavior by tracking the Hash moving averages of the hashrate (30DMA and 60DMA) – and found that the indicator has not signaled a death cross even with the coin’s poor performance since ETFs became tradeable.
A death cross occurs when the Hash Ribbon’s shorter-term moving average (30DMA) falls below its longer-term moving average (60DMA). This suggests a decline in miner activity and indicates that miners might be seeing low profitability.
Further, Dent assessed BTC’s Miner’s Position Index (MPI) and found that in the current market, miner capitulation does not seem to be occurring at levels seen during previous bear market lows. BTC’s MPI measures the historical pattern of the selling behavior of miners during market downturns.
According to Dent:
“If we examine miner capitulation selling at an MPI index level of 4.0 during previous bear market lows and bottoms, it becomes clear that this adjustment does not signify the emergence of miner capitulation.”
No capitulation yet, but miners have sold some coins
As pointed out by Dent, “miners (have) sold significant quantities of BTC in January 2024.” The analyst noted that this might be a “proactive move in preparation for future halving events.”
According to data from CryptoQuant, BTC Miner Reserve measured on a 30DMA has declined by 1% year-to-date. This metric measures the amount of coins held in affiliated miners’ wallets. Its decline often suggests a rally in coin sell-offs amongst network miners.
Source: CryptoQuant
Likewise, the coin’s Miner to Exchange Flow measured during the same period has recorded a 45% growth. This indicator measures the amount of BTC that is flowing from miners to exchanges.
Read Bitcoin’s [BTC] Price Prediction 2024-25
When it surges, it means that miners are selling more BTC than they are mining for profit.
Still facing significant resistance at the $43,000 price level, BTC exchanged hands at $42,085 at press time. According to data from CoinMarketCap, the coin’s value has grown by 5% in the last week.
- Miner capitulation has yet to occur despite BTC’s recent poor price performance.
- However, they have continued to take profit.
In a recent report, pseudonymous CryptoQuant analyst Yonsei Dent noted that despite Bitcoin’s [BTC] price decline post-Exchange Traded Fund (ETF) approval, miner capitulation has yet to set in.
Dent considered BTC’s Hash Ribbon metric – which identifies market trends and miner behavior by tracking the Hash moving averages of the hashrate (30DMA and 60DMA) – and found that the indicator has not signaled a death cross even with the coin’s poor performance since ETFs became tradeable.
A death cross occurs when the Hash Ribbon’s shorter-term moving average (30DMA) falls below its longer-term moving average (60DMA). This suggests a decline in miner activity and indicates that miners might be seeing low profitability.
Further, Dent assessed BTC’s Miner’s Position Index (MPI) and found that in the current market, miner capitulation does not seem to be occurring at levels seen during previous bear market lows. BTC’s MPI measures the historical pattern of the selling behavior of miners during market downturns.
According to Dent:
“If we examine miner capitulation selling at an MPI index level of 4.0 during previous bear market lows and bottoms, it becomes clear that this adjustment does not signify the emergence of miner capitulation.”
No capitulation yet, but miners have sold some coins
As pointed out by Dent, “miners (have) sold significant quantities of BTC in January 2024.” The analyst noted that this might be a “proactive move in preparation for future halving events.”
According to data from CryptoQuant, BTC Miner Reserve measured on a 30DMA has declined by 1% year-to-date. This metric measures the amount of coins held in affiliated miners’ wallets. Its decline often suggests a rally in coin sell-offs amongst network miners.
Source: CryptoQuant
Likewise, the coin’s Miner to Exchange Flow measured during the same period has recorded a 45% growth. This indicator measures the amount of BTC that is flowing from miners to exchanges.
Read Bitcoin’s [BTC] Price Prediction 2024-25
When it surges, it means that miners are selling more BTC than they are mining for profit.
Still facing significant resistance at the $43,000 price level, BTC exchanged hands at $42,085 at press time. According to data from CoinMarketCap, the coin’s value has grown by 5% in the last week.
can i order cheap clomid without rx how to get generic clomid price buy cheap clomid can i purchase cheap clomid prices order clomid pill can you get generic clomid online how to get cheap clomid
More posts like this would make the online space more useful.
More posts like this would create the online play more useful.
semaglutide 14mg generic – semaglutide 14 mg over the counter cyproheptadine canada
domperidone generic – brand flexeril order flexeril generic
order augmentin 625mg – https://atbioinfo.com/ purchase ampicillin generic
order nexium 20mg capsules – nexium to us cost esomeprazole 20mg
order coumadin pills – https://coumamide.com/ losartan 25mg price
buy prednisone 10mg generic – https://apreplson.com/ order prednisone 20mg generic
buy erectile dysfunction pills – https://fastedtotake.com/ where to buy over the counter ed pills
buy amoxil no prescription – amoxicillin price buy amoxicillin tablets
buy diflucan 100mg pills – fluconazole 200mg tablet fluconazole 200mg cheap
escitalopram pills – https://escitapro.com/ buy lexapro 10mg pill
cenforce price – order cenforce 100mg sale buy cenforce sale