Bitcoin (BTC) miners may already have triggered a “surrender event”, according to a new analysis.
In an June 24 update, Julio Moreno, chief analyst at data firm CryptoQuant chain, indicated that the price of BTC may be falling out now.
The fall in the price of BTC “typically” follows the capitalization of miners.
Miners have changed dramatically since March 2020, from unprecedented profitability to margin compression.
The fall to $ 17,600 – 70% below November’s all – time highs for the BTC / USD pair – has hit some players hard, as data now shows miners’ wallets sending large amounts of coins to exchanges.
CryptoQuant suggests that this precedes the final stages of more general bitcoin liquidation, in line with historical precedent.
“Our data show that a miners’ capitation event occurred, which generally preceded market lows in previous cycles,” Moreno summed up.
Miners’ sales were closely watched this month, with Bitcoin’s Twitter account even describing the situation as one of the miners being “emptied from their bases.”
Tae #Bitcoin miners are being drained from their bases. pic.twitter.com/O0i9Lx0wQF
—Bitcoin (@Bitcoin) June 18, 2022
#Bitcoin miners are draining out their coins. pic.twitter.com/O0i9Lx0wQF – Bitcoin (@Bitcoin) June 18, 2022
“For minors, it’s time to decide whether to stay or go,” he said added CryptoQuant CEO Ki Young Ju in a Twitter thread last week.
The story is small, but most miners are still active, as evidenced by the network’s basics, which are just below the all – time highs of over 30 trillion.
Mixed signs of buyer interest
However, when it comes to other major BTC holders, the picture is less clear.
Read also: It’s silly to deny that the price of bitcoin can fall below $ 10,000 – Analysis
After buying whales for cash near $ 19,000, CryptoQuant’s Ki announced this week that “new” high-volume entities have arrived.
Outflows from the major US exchange Coinbase, the highest level since 2013, have been reported.
Time to welcome new #Bitcoin whales.
Mean $ BTC outflows from @Coinbase hit high 9 years. Average flows are also high.
There have been many recent whale exchanges / outflows, but in reality, nothing has changed on the BTC reserve over all exchanges.https: //t.co/Ptw2mg9YuR pic.twitter.com/s697lSvw27
– Ki Young Ju (@ki_young_ju) June 23, 2022
It’s time to welcome the new #Bitcoin whales. BTC’s average outflow from @Coinbase hit a 9-year high. Average inflows are also high. There have been many recent whale inflows / outflows, but in reality the BTC reserve on all exchanges remains unchanged. https://t.co/Ptw2mg9YuR pic.twitter.com/s697lSvw27 – Ki Young Ju (@ki_young_ju) June 23, 2022
However, trader and analyst Rekt Capital reiterated its doubts about the strength of the overall number of buyers, saying that sellers continued to steer market movements.
The 200-week moving average of Bitcoin (MA), previously a major support level in bear markets, is yet to generate significant interest from buyers, although the spot price is around $ 2,000 below this average.
“BTC’s current purchase volume has peaked in very large sales volumes below the 2018 volume of bear market buyers at the 200 week MA. Not to mention buyer follow-up March 2020, ”he said. declared for his Twitter followers.
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