Битцоин (BTC) miners may have already sparked a “capitulation event,” fresh analysis has concluded.
In an update on June 24, Julio Moreno, senior analyst at on-chain data firm CryptoQuant, наговестио that the BTC price bottom could now be due.
BTC price bottom “typically” follows miner capitulation
Miners have seen a dramatic change in circumstances since March 2020, going from unprecedented profitability to seeing their margins squeezed.
пад на 17,600 долара — 70% below November’s all-time highs for BTC/USD — has hit some players hard, data now shows, with miner wallets sending large amounts of coins на размене.
This, CryptoQuant suggests, precedes the final stages of the Bitcoin sell-off more broadly in line with historical precedent.
“Our data demonstrate a miner capitulation event that has occurred, which has typically preceded market bottoms in previous cycles,” Moreno summarized.
Miner sales have been keenly tracked this month, with the Bitcoin Twitter account even describing the situation as miners “being drained of their coins.”
#Битцоин miners are being drained of their coins. pic.twitter.com/O0i9Lx0wQF
- Битцоин (@Битцоин) Јун 18, 2022
“For miners, it’s time to decide to stay or leave,” CryptoQuant CEO, Ki Young Ju, додао in a Twitter thread last week.
The situation is tenuous, but the majority of рудари remain active, as witnessed by network fundamentals пада only slightly from all-time highs of over 30 trillion.
Mixed signals over buyer interest
When it comes to other large BTC holders, however, the picture appears less clear.
Релатед: ‘Foolish’ to deny Bitcoin price can go under $10K — Analysis
After whales bought up liquidity near $19,000, CryptoQuant’s Ki this week heralded the arrival of “new” large-volume entities.
Outflows from major United States exchange Coinbase, he noted, reached their highest since 2013.
Time to welcome new #Битцоин китови.
Просек $ БТЦ outflows from @Цоинбасе hit a 9-year high. Average inflows are high as well.
There are lots of exchange in/outflows from whales lately, but actually, nothing changed on BTC reserve across all exchanges.https://t.co/Ptw2mg9YuR pic.twitter.com/s697lSvw27
— Ки Јанг Ју (@ки_иоунг_ју) Јун 23, 2022
Trader and analyst Rekt Capital, nonetheless, reiterated doubts about the strength of overall buyer volume, arguing that sellers were conversely still directing market movements.
Bitcoin’s 200-week moving average (MA), a key support level during previous bear markets, has yet to see significant interest from buyers despite the spot price being around $2,000 below it.
“Current BTC buy-side volume following the extreme sell volume spike is still lower than the 2018 Bear Market buyer follow-through volume levels at the 200-week MA. Let alone March 2020 buy-side follow-through,” he Рекао Твиттер пратиоци.
Овдје приказана стајалишта и мишљења су искључиво становишта аутора и не одражавају нужно ставове Цоинтелеграпх.цом. Сваки потез улагања и трговања укључује ризик, приликом доношења одлуке требало би да спроведете сопствено истраживање.
Source: https://cointelegraph.com/news/bitcoin-miner-capitulation-event-may-have-already-happened-research