๐ฐ CryptoQuant weekly report mentioned that Bitcoin miners are moving out of the previous pressure zone. The report connects the change with the rebound after the July lows: at the time, Bitcoin briefly fell to $58,000, then rebounded by about 45%, and moved back above $83,000.
๐ฅ On the minersโ side, there are also several sets of fairly intuitive data. Network hashrate rose from 899 EH/s on July 31 to 962 EH/s. Daily revenue increased from $27 million to $48 million, which is 78% higher than the July low.
๐ก Honestly, beyond the revenue rebound, whatโs more worth paying attention to is the change in minersโ selling pressure. The report says that since August 21, minersโ profitability has shifted from โseverely underpaidโ to โreasonable returns,โ and during this period there hasnโt been any further appearance of extreme miner outflows. Balances of large miners have also been relatively stable.
๐ This doesnโt mean miners are under no pressure from here on, but at least it suggests that the earlier situationโtight income and the possibility of more concentrated sellingโhas eased somewhat. Either way, whether miner balances can continue to hold steady is more indicative than looking only at the hashrate rebound.
๐ค After you think minersโ pressure has eased, what do you think is most important to watch: changes in their balances, or the network-wide hashrate?
#ๆฏ็นๅธ #็ฟๅทฅ #CryptoQuant #on-chain data
๐ฅ On the minersโ side, there are also several sets of fairly intuitive data. Network hashrate rose from 899 EH/s on July 31 to 962 EH/s. Daily revenue increased from $27 million to $48 million, which is 78% higher than the July low.
๐ก Honestly, beyond the revenue rebound, whatโs more worth paying attention to is the change in minersโ selling pressure. The report says that since August 21, minersโ profitability has shifted from โseverely underpaidโ to โreasonable returns,โ and during this period there hasnโt been any further appearance of extreme miner outflows. Balances of large miners have also been relatively stable.
๐ This doesnโt mean miners are under no pressure from here on, but at least it suggests that the earlier situationโtight income and the possibility of more concentrated sellingโhas eased somewhat. Either way, whether miner balances can continue to hold steady is more indicative than looking only at the hashrate rebound.
๐ค After you think minersโ pressure has eased, what do you think is most important to watch: changes in their balances, or the network-wide hashrate?
#ๆฏ็นๅธ #็ฟๅทฅ #CryptoQuant #on-chain data