Bitcoin miners are selling their coins like never before
Hi HODLers and Hiveans,
Tough times for CryptoMarkets but we have to stay optimistic as new protocols and dapps are being developped as we speak!
Miners have changed their behavior related to how much of their newly mined Bitcoin they sell.
In the first four months of 2022, public BTC mining firms sold 30% of their mined production, which increased 3X folds in May and is expected to rise even further in June.
When the price of Bitcoin hit $21,000; the BTC miner’s to exchange flow ratio has hit a new 7-month high!
Watch out for the Bitcoin Hash ribbon
Bitcoin Hash Ribbon, an indicator that tries to identify periods where BTC miners are in distress and may be capitulating, has crossed, indicating many miners are unplugging their machines due to lack of profitability.
How is calculate the hash ribbon? You take the 30-day and 60-day moving average of the Bitcoin hash rate, which is used to determine when sufficient miner capitulation has occurred.
Many Bitcoin researchers and traders seem to think this is a strong bottom signal. I would not go as far as we have still more pain to come on the economic front. I believe we are still going to have a few very difficult months before it might get better.
Until then... Stay safe out there,
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I don't think they have sold already most of their transferred BTC so I guess we should see another sudden drop on the price soon
You are right, they moved their coins in order to sell them but we do not know if they sold most or none of it.
Thanks for reminding us 😉
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BTC is going to 13k on July 13. , the next Full Moon. Check 'em
We're also going to formally make contact with Ayys from the Vega star system on July 13, the same day.
The coronavirus will be revealed as being jointly developed between China and US and UK and German biolabs and pharma interests.
There will be a global riot of true lunatics and the world will be engulfed in berserk, violent ecstasy the likes not seen since the Siege of Lenningrad in 1941
Well, that’s not a really cheerful set of events! Hopefully it does not okay out as badly as you state it 😅
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My interpretation: Miners have hodled more when BTC fell from 69k towards 30k with hope for higher prices again. Now that BTC is around 20k they are forced to finally sell more to cover their costs.
For me the whole thing doesn’t count too much. 🤷🏼♂️
Agreeing with you. They expected higher price levels and now they are just selling to pay for costs. Some miners have already exited as prices are too low to make a profit at the moment.
Thanks
For your insight.
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I believe we have at least 6 months until the market takes a shift.
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What do you mean by “take a shift”? You mean goes back into a more positive/growth mode?
6 months might be a good timeline. I believe that August/September might be a great buy in opportunity.
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Yep.
A bounce back.
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I consider this a time to simply observe to see how well the market plays out. I also think we're gonna see much lower lows unfortunately a higher percentage think otherwise.
At this point, no one really knows anything. We're all speculators in this game.
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