Les mineurs de Bitcoin (BTC) accumulent en masse, la capitulation est-elle terminée ?

Les mineurs de Bitcoin (BTC) accumulent en masse, la capitulation est-elle terminée ?

Based on on-chain data aggregated by CryptoQuant, it appears that Bitcoin (BTC) miners have gone from sellers to owners. In fact, they now hold the most BTC since January 2021. Is the impact of the turbulence of the last few weeks fading?


Miners accumulate Bitcoin (BTC)

This is a relatively interesting indicator of the cryptocurrency market trend: the behavior of bitcoin miners (BTC). While they had recently shown strong signs of capitulation, primarily selling off the BTC they mined, the trend seems to have completely reversed.

As a reminder, capitulation occurs when the holders of an asset are tired and give up their previous gains. selling your positions in a bear market. After several weeks of considerable latent deficit in cryptocurrencies, many investors have already started selling at a loss.

And this was particularly the case for miners, who massively sold off their bitcoins during the free fall from $30,000 to $20,000 last June. However, as a recent CryptoQuant analysis shows, it would appear that their market sentiment has reversed: the amount of BTC in their wallets hit a new high since January 2021.

Bitcoin Miners Reserve (BTC)

As of July 29, the combined balance of all recognized Bitcoin miners’ wallets amounted to 1,865,272 BTC. Although there was a slight decline in early August, with a total of 1,864,842 BTC as of August 3, the increase is still significant. Between the beginning of July and today, this figure has increased by 0.37%, or 6,885 BTC.

In other words, it would appear that miners’ bitcoin reserves have completely absorbed the capitulation of the month of June. This was particularly felt in the foundations of the network, with a drop in the hash rate reflecting the abandonment of less profitable miners.

👉 How to buy Bitcoin in 2022? Let yourself be guided step by step

The exchange that has the wind in its sails⭐

5% discount on your rates with this button

toaster icon

Miners are selling less and less BTC

Other indicators also attest to the fact that the capitulation phase of the miners could be coming to an end. One of them is the amount of BTC transferred from recognized wallets from miners to exchanges.

bitcoin to exchange miner

Influx of Bitcoin (BTC) miners to exchanges

It is easy to see that the flash crash in the market last June, which took Bitcoin from $30,000 to less than $20,000 in the space of a few days, had an impact on the behavior of minors. As the numerous massive spikes in June indicate, miners left their posts with losses and unloaded their bitcoin reserves.

However, in recent weeks, the price of Bitcoin has stabilized. Obviously, this helped ease confidence in the market and, at the same time, the coolest miners. As this chart indicates, since this drop, they haven’t do not sell more than 1000 BTC per day to exchanges. Furthermore, on August 2, miner entries to exchanges totaled just 359 BTC.

Finally, we will see one last indicator, something similar to the previous one. The Miners Position Index (MPI) also provides information on the spending and saving behavior of bitcoin miners. In a nutshell, it is the ratio of the daily total of miner exits (in USD) to the one-year moving average of that same total.

mpi bitcoin

The Bitcoin Miner Position Index (MPI)

According to our chain analyst Prof. Cadenawhich happens regularly for Cryptoast and in the private group Le Grille-Pain, this graph is an excellent indicator to understand the behavior of minors:

“A high value shows that miners are sending more coins than usual from their identified wallets, indicating a potential liquidation. »

In fact, the main peaks correspond to a massive profit-taking by miners in the bullish phase or, on the contrary, to a capitulation in the face of the fall. Currently, the peaks are rather decreasing. Consequently, it would seem that the trend for the month of July is to limit spending and to accumulation.

To conclude, it is important to remember that minors have, by nature, very wasteful behavior. And for good reason, selling is the only way to cover the electricity costs related to Bitcoin production.

👉 Also In The News – Bitcoin (BTC) Miners Capitulation – Another Drop Expected?

Source: CryptoQuant

Join experts and a premium community


Invest in your crypto knowledge for the next bull run

toaster icon

Newsletter 🍞

Get a crypto news roundup every Sunday 👌 And that’s it.

What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused by the use of a good or service highlighted in this article. Investments related to crypto assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

#Les #mineurs #Bitcoin #BTC #accumulent #masse #capitulation #estelle #terminée

Leave a Reply

Your email address will not be published. Required fields are marked *