- BTC could be muted because key players are dumping, per Capriole Investments founder.
- The Bitcoin miner crisis persists and could be a key headwind for the recovery of BTC.
After peaking at $63.8K on 1st July, Bitcoin [BTC] has weakened and dropped to a low of $57K on 4th July. That was a 9% decline in July and marked the fourth consecutive month of sideways movement since Q2.
What’s causing the plunge?
Charles Edwards, founder of crypto hedge fund Capriole Investments, claimed that the weakening BTC was partly due to ‘key players’ dumping holdings.
‘This is why we haven’t mooned yet… When you look at the data of the 4 most important players in Bitcoin, we have net flows equivalent to $24B being dumped on the market in 2024’
Source: X/Charles Edwards
Edwards’ perspective was based on demand and supply from BTC miners, ETFs, and long-term holders (LTH). Based on these three entities, about 374K BTC, worth above $20 billion, has been dumped in the market, per Edwards.
When the LTH metric was adjusted from +2 years to 155 days, the net outflow was about—$40 billion, per Edwards.
Additionally, when Grayscale’s GBTC outflows are factored in and removed, the overall dump across the three entities amounted to $18 billion worth of BTC outflow.
AMBCrypto’s evaluation spot BTC ETF flows revealed that net flows fluctuated considerably in Q2, unlike the steady positive flows recorded in Q1. The stagnating demand from ETFs, thus, corroborated Edwards’ thesis.
Source: SoSo Value
Another key entity mentioned in the analysis, BTC miners, was still deep in a profitability crisis after the halving event. As a result, struggling miners could dump more of their BTC holdings to stay afloat.
The miner crisis could further delay the bullish reversal for the largest digital asset, noted Willy Woo.
‘Every day, I look at 7 squiggly lines to see if it’s time. Nope, not yet. Miners are still bleeding out, writhing in pain.’
Source: Willy Woo
For perspective, the Bitcoin Hash Ribbons are moving averages that signal when hash rates drop, specifically during miners’ profitability crises.
Although they also historically signaled a market bottom, the metric has yet to recover and further reinforce BTC’s weakening market structure.
- BTC could be muted because key players are dumping, per Capriole Investments founder.
- The Bitcoin miner crisis persists and could be a key headwind for the recovery of BTC.
After peaking at $63.8K on 1st July, Bitcoin [BTC] has weakened and dropped to a low of $57K on 4th July. That was a 9% decline in July and marked the fourth consecutive month of sideways movement since Q2.
What’s causing the plunge?
Charles Edwards, founder of crypto hedge fund Capriole Investments, claimed that the weakening BTC was partly due to ‘key players’ dumping holdings.
‘This is why we haven’t mooned yet… When you look at the data of the 4 most important players in Bitcoin, we have net flows equivalent to $24B being dumped on the market in 2024’
Source: X/Charles Edwards
Edwards’ perspective was based on demand and supply from BTC miners, ETFs, and long-term holders (LTH). Based on these three entities, about 374K BTC, worth above $20 billion, has been dumped in the market, per Edwards.
When the LTH metric was adjusted from +2 years to 155 days, the net outflow was about—$40 billion, per Edwards.
Additionally, when Grayscale’s GBTC outflows are factored in and removed, the overall dump across the three entities amounted to $18 billion worth of BTC outflow.
AMBCrypto’s evaluation spot BTC ETF flows revealed that net flows fluctuated considerably in Q2, unlike the steady positive flows recorded in Q1. The stagnating demand from ETFs, thus, corroborated Edwards’ thesis.
Source: SoSo Value
Another key entity mentioned in the analysis, BTC miners, was still deep in a profitability crisis after the halving event. As a result, struggling miners could dump more of their BTC holdings to stay afloat.
The miner crisis could further delay the bullish reversal for the largest digital asset, noted Willy Woo.
‘Every day, I look at 7 squiggly lines to see if it’s time. Nope, not yet. Miners are still bleeding out, writhing in pain.’
Source: Willy Woo
For perspective, the Bitcoin Hash Ribbons are moving averages that signal when hash rates drop, specifically during miners’ profitability crises.
Although they also historically signaled a market bottom, the metric has yet to recover and further reinforce BTC’s weakening market structure.
cost cheap clomiphene pills can i get clomiphene without insurance can i purchase clomiphene without insurance where to buy clomiphene no prescription can i get generic clomid for sale can i buy clomiphene no prescription can i buy clomid price
Greetings! Jolly productive suggestion within this article! It’s the crumb changes which will espy the largest changes. Thanks a lot for sharing!
This is a theme which is forthcoming to my heart… Diverse thanks! Unerringly where can I notice the connection details due to the fact that questions?
order azithromycin 500mg sale – buy sumycin 250mg sale flagyl 400mg usa
generic rybelsus 14mg – order generic cyproheptadine cost cyproheptadine
purchase domperidone without prescription – domperidone 10mg sale cyclobenzaprine cheap
buy amoxiclav online cheap – atbioinfo.com buy ampicillin cheap
buy nexium without a prescription – https://anexamate.com/ esomeprazole order online
buy medex without a prescription – anticoagulant cozaar 50mg without prescription
order mobic without prescription – tenderness mobic tablet
buy deltasone 5mg pill – https://apreplson.com/ buy generic prednisone
home remedies for ed erectile dysfunction – https://fastedtotake.com/ buy ed pills for sale
buy forcan without prescription – flucoan fluconazole pills
buy cenforce 50mg online cheap – cenforce rs buy cenforce cheap
canadian pharmacy ezzz cialis – https://ciltadgn.com/ free cialis samples
order ranitidine online cheap – https://aranitidine.com/ brand ranitidine 150mg
best price on viagra 100mg – https://strongvpls.com/# viagra sale derby
I am actually happy to glance at this blog posts which consists of tons of useful facts, thanks towards providing such data. https://gnolvade.com/es/prednisona/
The thoroughness in this draft is noteworthy. https://ursxdol.com/clomid-for-sale-50-mg/
Good blog you have here.. It’s severely to espy great status writing like yours these days. I justifiably appreciate individuals like you! Take vigilance!! https://prohnrg.com/
Greetings! Very productive par‘nesis within this article! It’s the little changes which will turn the largest changes. Thanks a portion towards sharing! combien coute une boite de viagra professional