Bitcoin has seen a third single-block reorganization within four weeks—this is the most worth remembering on-chain event of the week. As for price, there hasn’t been much movement: BTCUSDT went from 76,805 USDT to 76,334.8 USDT this week, down 0.61%. In a 200-week sample, 117 weeks were stronger than it. Put these two things together, and the market’s attitude toward this kind of news has been calm—at least this week.
This week’s real move happened only over two days. On 09-15, it fell from 78,153 USDT to 75,599.9 USDT, down 3.27%, the largest single bearish candle of the week. It also immediately followed a 1.76% rise on 09-14—after the rally, it was pushed right back down. On 09-10, it dropped 2.21%, pressing the price from 78,264 USDT to 76,535.7 USDT, meaning the week started already under downward pressure. The remaining days were about repair: 09-11 rose 0.86%, 09-16 rose 0.76%, and 09-17 rose 0.21%. Three small rebounds pulled the price back to 76,334.8 USDT, but it failed to reclaim the high from 09-14. The week’s high and low are thus locked between 75,599.9 USDT and 78,153.3 USDT.
On the forum, popular posts argue that the discussion shouldn’t stop at price, but should focus instead on two lines: network stability and miner centralization (paraphrased; not necessarily the site’s view). Some posts point to the time intervals between the three reorganizations, suggesting that the frequency is more worth watching than each single incident. Others say that reorganizations are not without precedent in Bitcoin’s history; what really matters is whether the distribution of hash power is further concentrating among a small number of mining pools. There are also posts that steer the topic toward miners’ revenue and the competition to produce blocks. My take is that these discussions are still just discussions and haven’t led to any consensus. And the price side hasn’t shown a dramatic reaction either—0.61% is the most direct evidence.
To be honest, in this kind of news environment, high leverage is the easiest to get swept from both sides. 09-14 rose 1.76% and 09-15 fell 3.27%—opposite directions and both with sizable moves. Heavy-position traders may get knocked out by one side in the same news, only to be knocked out again by the other, and in the end the price only returns to 76,334.8 USDT. #Bitcoin third single-block reorganization within four weeks
#币安 $BTC
This week’s real move happened only over two days. On 09-15, it fell from 78,153 USDT to 75,599.9 USDT, down 3.27%, the largest single bearish candle of the week. It also immediately followed a 1.76% rise on 09-14—after the rally, it was pushed right back down. On 09-10, it dropped 2.21%, pressing the price from 78,264 USDT to 76,535.7 USDT, meaning the week started already under downward pressure. The remaining days were about repair: 09-11 rose 0.86%, 09-16 rose 0.76%, and 09-17 rose 0.21%. Three small rebounds pulled the price back to 76,334.8 USDT, but it failed to reclaim the high from 09-14. The week’s high and low are thus locked between 75,599.9 USDT and 78,153.3 USDT.
On the forum, popular posts argue that the discussion shouldn’t stop at price, but should focus instead on two lines: network stability and miner centralization (paraphrased; not necessarily the site’s view). Some posts point to the time intervals between the three reorganizations, suggesting that the frequency is more worth watching than each single incident. Others say that reorganizations are not without precedent in Bitcoin’s history; what really matters is whether the distribution of hash power is further concentrating among a small number of mining pools. There are also posts that steer the topic toward miners’ revenue and the competition to produce blocks. My take is that these discussions are still just discussions and haven’t led to any consensus. And the price side hasn’t shown a dramatic reaction either—0.61% is the most direct evidence.
To be honest, in this kind of news environment, high leverage is the easiest to get swept from both sides. 09-14 rose 1.76% and 09-15 fell 3.27%—opposite directions and both with sizable moves. Heavy-position traders may get knocked out by one side in the same news, only to be knocked out again by the other, and in the end the price only returns to 76,334.8 USDT. #Bitcoin third single-block reorganization within four weeks
#币安 $BTC