Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miner Volume Has Plunged: What Does
It Mean?
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miner Volume Has Plunged: What Does It Mean?
by Keshav Verma
3 minutes ago
in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin News
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On-chain data shows the volume of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin miners has observed a steep drop
recently. Here s what this could mean for the asset.
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners Volume Share Has Been Sharply Going Down Recently
In a new post on X, the market intelligence platform IntoTheBlock has
discussed the recent trend in the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners Volume Share. The
Miners Volume Share here refers to an on-chain indicator
that keeps track of the percentage of the total Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin transaction volume
(that is, the amount of BTC becoming involved in transfers on the network)
that miner-associated transfers are making up for.
Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Plunges To $95,000, But ‘Apparent Demand’ Stays High
Below is the chart shared by the analytics firm that shows the trend in the
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners Volume Share over the past decade.
The value of the metric appears to have been following a steep downward
trajectory in recent weeks | Source: IntoTheBlock on X
As displayed in the graph, the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners Volume Share briefly rose
beyond the 20% mark last year when BTC observed its Q1 rally. This suggests
the miners were moving around large amounts on the blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн, potentially to
take advantage of the profit-taking opportunity that the run offered.
Since this peak, though, the indicator s value has been going down.
There was a temporary deviation towards the end of last year when BTC
witnessed its new bull rally, which once again implied the miners were looking
to cash in. The selloff lasting only briefly could suggest the miners ran out
of coins to sell. Another potential interpretation of the trend, however,
could be that it s rather an increase in activity across the network
that has forced Miners Volume Share to shrink.
From the chart, it s visible that the pattern has been observed in past
bull markets as well, which adds credence to the fact that it may be the
transaction volume uplift caused by the fresh capital inflows that tend to
take place in such periods that are responsible for the trend.
It s also apparent, though, that the metric s peak has been
getting lower with each cycle. The reason behind this may be that the block
subsidy, which miners receive as compensation for solving blocks and makes up
for the bulk of their income, gets halved each cycle during an event known as
the Halving .
Miners earning less naturally means that they also have a lower amount of
capital to shift around on the network, which would show up on their share of
the transaction volume.
Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Binance Netflow Turns Negative: What It Means
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners Volume Share has now plunged under the 5% mark, meaning
that it has fallen lower than the bottom of the 2017 cycle. Though, it s
still yet to reach the same low as during the 2021 bull market.
BTC Price
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has extended its losses by another 2% in the past day as its price has
dropped to the $93,700 level.
Looks like the price of the coin has been going down over the last few days |
Source: BTCUSDT on TradingView
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com