Wednesday, June 7, 2023
  • Home
  • Crypto
  • DEFI
  • NFT
  • Press Release
  • Contact Us
No Result
View All Result
No Result
View All Result
Home News

Struggling Miners Have Little Bitcoin Left To Sell And Its Bullish, Says Top Investor ⋆ ZyCrypto

Betty Snyder by Betty Snyder
June 7, 2020
in News
0
Struggling Miners Have Little Bitcoin Left To Sell And Its Bullish, Says Top Investor
586
SHARES
3.3k
VIEWS

Advertisement
&nbsp

&nbsp
Nearly one month ago, bitcoin underwent block reward halving. Yet, nothing much has changed since then as the price is yet to stage a full-scale bull run. In fact, bitcoin has been trading sideways ever since the halving and it recently faced a harsh rejection from $10,000, for the umpteenth time.

What has rather stood out, however, is the amount of bitcoin miners have been dumping into the market. Notably, BTC miners have been selling more coins than what they generate on a daily basis, raising fears of deeper declines in the bitcoin price in the near-term.

You might also like

Prime Minister of Vietnam visits Genetica: Propelling Vietnam to the forefront of Asia’s Biotech Industry

FUNToken Announces a New pair on Binance – FUN

Meta Cricket League” – World’s First NFT Cricket Game All Set to Release Its Maiden NFT Collection

However, Adamant Capital founder Tuur Demeester believes the small and inefficient miners that have been running down their BTC inventor have little left to sell —and that is very bullish.

Struggling Miners Having Less Bitcoins To Sell Is Bullish: Tuur Demeester

Bitcoin’s third halving was arguably the most anticipated event of 2020. This is because BTC registered parabolic rallies immediately after previous halvings. With a halving event, the miners’ block subsidy is cut by half. After the recent halving, miners now receive only 6.25 BTC.

Market experts have long suggested that with the reduced revenues, most of the miners will hold their coins as they await a bitcoin rally rather than dumping the coins in the market at a loss. However, this has not been the case. Instead, struggling miners have been selling in order to at least cover their operation costs.

On-chain analytics firm Glassnode recently pointed out that the BTC outflows from miner wallets compared to the historic average is nearing record lows. This is according to the firm’s Miner Outflow Multiple (MOM) indicator. MOM calculates this as a ratio of miner outflows in the US dollar against its 365-day moving average. As of June 5, this ratio stood at 0.6142 —almost half of the value recorded on the day of the halving. 

Commenting about this information, Tuur Demeester, a crypto influencer best known for investing in US-headquartered Kraken exchange via his Adamant Capital fund, noted that bitcoin investors should be upbeat about the bitcoin price as this is an overtly bullish sign.

“Healthy bitcoin miners are hodling, and struggling miners have little BTC left to sell. Bullish.”

Bulls Remain In The Driver’s Seat

Interestingly, all these coins being sold by miners are being bought primarily by Grayscale Investments which has been accumulating large amounts of BTC each week for its institutional clients who are possibly preparing for the next bull market.

Once the struggling miners have sold all their BTC, only the efficient miners who are willing to hold will be left behind —skewing the demand-supply economics in the bulls’ favor. As such, a bull market will finally begin to take shape.

At the time of publication, bitcoin is trading at $9,689, representing a 0.34% loss on the day. But several analysts believe the coin’s fundamentals are growing stronger by the day, which is likely to bolster higher prices. For instance, a senior analyst at Bloomberg Intelligence recently indicated that BTC is presently mirroring the 2016 performance after the second halving where it plummeted before rocketing to all-time highs.

Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram
DISCLAIMER Read MoreThe views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Previous Post

Analyst explains why an exponential post-halving Bitcoin rally is yet to be seen ⋆ ZyCrypto

Next Post

Redditor Who Sold Nearly 57 BTC For ‘Peanuts’ in 2012 Discovers He Still Has Some Left ⋆ ZyCrypto

Betty Snyder

Betty Snyder

I’m a cryptocurrency and blockchain technology writer. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.

Related Posts

Prime Minister of Vietnam visits Genetica: Propelling Vietnam to the forefront of Asia’s Biotech Industry
News

Prime Minister of Vietnam visits Genetica: Propelling Vietnam to the forefront of Asia’s Biotech Industry

by Alverta O'Conner
March 14, 2023
FUNToken Announces a New pair on Binance – FUN
News

FUNToken Announces a New pair on Binance – FUN

by Alverta O'Conner
April 22, 2022
Meta Cricket League” – World’s First NFT Cricket Game All Set to Release Its Maiden NFT Collection
News

Meta Cricket League” – World’s First NFT Cricket Game All Set to Release Its Maiden NFT Collection

by Alverta O'Conner
April 21, 2022
Blockchain game StarMon announced important news on “NFT SEOUL 2022” in Korea. A new gameplay model will be launched
News

Blockchain game StarMon announced important news on “NFT SEOUL 2022” in Korea. A new gameplay model will be launched

by Alverta O'Conner
January 21, 2022
Blockchain

Metathon is calling for amazing DEVs and Degens!

by Betty Snyder
December 3, 2021
Next Post
Redditor Who Sold Nearly 57 BTC For

Redditor Who Sold Nearly 57 BTC For 'Peanuts' in 2012 Discovers He Still Has Some Left ⋆ ZyCrypto

  • Why must you pick a white label crypto exchange solution than developing a new one?
  • Bitcoin Product Demos During the Halving – Bitcoin Magazine
  • Whitelabel Cryptocurrency Exchange platform and it’s 4 salient features!
  • Despite Chaos, The Next BTC Price Rally Could Be Spurred By This Little-Known Bitcoin Indicator
    Crypto Pundit reveals what will likely ignite another parabolic Bitcoin Rally ⋆ ZyCrypto
  • Which is Best Crypto Trading Bot Platform?
  • CoinSwap Space first DEX to provide crypto purchases directly onto any non-custodial wallet via Ramp Network

    CoinSwap Space first DEX to provide crypto purchases directly onto any non-custodial wallet via Ramp Network

    3772 shares
    Share 1509 Tweet 943
  • Altseason Pushed Further Back As Top Altcoins Fall Under Bitcoin’s Spell ⋆ ZyCrypto

    3738 shares
    Share 1495 Tweet 935
  • Filecoin and Polygon Deploy Interoperable Bridge To Expedite Web 3 Development

    3545 shares
    Share 1418 Tweet 886
  • The Cost Of Transacting With Bitcoin Has Dropped By Almost 90% Within A Month ⋆ ZyCrypto

    3320 shares
    Share 1328 Tweet 830
  • CoinSwap Opens Up New DeFi Opportunities With Their Certik Approved DEX

    3032 shares
    Share 1213 Tweet 758

About

Cryptoate site is a comprehensive resource for everything related to cryptocurrency and blockchain. We aim to be a one-stop solution for all your crypto and blockchain news and events.

Email: admin@cryptoate.com

Recent Posts

  • Securing Blockchain Technology-DeFi: Challenges & Solutions
  • DEGA Revolutionizes Fundraising with their Gamified Multichain Initial Stakepool Offering
  • Understanding Smart Contracts: The Foundation of DeFi Lending
  • Discover Staking Risks and Considerations
  • Bug Bounty Program Governance and Policy Frameworks

Catagories

  • Mining
  • Crypto
  • Press Release
  • Price Analysis
  • Cryptocurrency
  • Trading
  • Cryptocurrencies
  • Blockchain

Calender

June 2023
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« May    
  • About Us
  • Contact Us

Associated with Blockchain Press Media Network.

No Result
View All Result
  • Home
  • Crypto
  • DEFI
  • NFT
  • Press Release
  • Contact Us

Associated with Blockchain Press Media Network.