On-chain data suggests Bitcoin miner capitulation may have ended as the Hash Ribbons indicator has printed a fresh buy signal. Bitcoin Hash Ribbons Have Seen A Bullish Crossover As highlighted by Capriole Investments founder Charles Edwards in a new X post, the Hash Ribbons has just given a signal for Bitcoin. The “Hash Ribbons” here refers to a metric created by Edwards that basically provides a representation of the miners’ situation. Related Reading: PEPE Explodes 62%, But Analyst Warns Of Breakdown Retest It does so by comparing two moving averages (MAs) of the “Hashrate,” an indicator that measures the total amount of computing power that the miners have connected to the network. When the value of this metric rises, it suggests existing miners are expanding their facilities and/or new ones are joining the blockchain. Such a trend implies these validators may be finding BTC mining to be an attractive venture. On the other hand, the indicator going down suggests some of the miners have decided to disconnect from the network, potentially because they are no longer able to break even on mining activities. The Hash Ribbons aims to pinpoint when one of these behaviors becomes dominant. The 30-day and 60-day MAs of the Hashrate play the role of the “ribbons” and their crossovers provide signals for shifts in miners’ condition. The 30-day MA moving below the 60-day one is considered to signal the start of a “miner capitulation.” In this phase, miners are under pressure and BTC may arrive at a bottom. The reverse crossover implies the return of conviction among miners, which has often been followed by bullish price action. Below is the chart for the Hash Ribbons shared by the analyst that shows the signals that Bitcoin has witnessed over the last few years. As is visible in the graph, the 30-day MA of the Bitcoin Hashrate fell below the 60-day ribbon last year as miners reduced their computing power in response to the bearish price action in the cryptocurrency. After a period of staying in the capitulation region, the reverse crossover has now finally occurred, meaning that the situation of the miners is improving, at least from the perspective of the Hash Ribbons. From the chart, it’s visible that this kind of “buy signal” occurred at some key points in the last few years. The recovery from 2022 bear market in 2023, for example, took place after a bullish crossover in the Hash Ribbons. The mini-bear phase in mid-2021 also broke with a buy signal from the indicator. Related Reading: Dogecoin Heading To $0.08? Analyst Thinks So—Here’s Why It now remains to be seen whether positive price action will also follow for Bitcoin after the latest signal. BTC Price Bitcoin has shot up over the last few days as its price has returned back to the $94,100 level. Featured image from Dall-E, charts from TradingView.com
Bitcoin’s “miners are dumping” story is comforting in the way simple stories always are. Price slides, miners run out of oxygen, coins hit exchanges, and the price is shoved around by a single, easy villain. But miners are not a single actor, and selling pressure isn't just a mood. It's math, contracts, and deadlines. When […]
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The Bitcoin (BTC) market continues to stabilize around $90,000 following a significant price recovery in the last week. Before these recent gains, the maiden cryptocurrency had undergone a heavy market correction, dropping about 36.10% from its all-time high of around $126,100. Amid the ongoing consolidation, the latest data on Bitcoin miner activity suggests the asset may have hit a local bottom with sights now set on a sustained uptrend. Notably, market analyst BorisD shares on the CryptoQuant QuickTake platform an insight that suggests Bitcoin likely formed a local bottom as it dipped to $80,000 during its recent correction phase. The expert explains that this theory is confirmed by Bitcoin miners recording an underpaid status, which has historically been a strong signal in confirming a local market bottom. For context, Bitcoin miners become underpaid when the mining revenue, i.e., block rewards + fees, falls below miners’ average operating costs, resulting in financial stress, forced selling, and capitulation of certain miners, possibly due to bankruptcy. Related Reading: Analyst Sets Bitcoin Next Target At $95k-$96k – Here’s Why Bitcoin Miners’ Economics In Influencing Market Ends BorisD explains that Bitcoin miner profitability has been a consistent guiding metric in determining potential market tops or bottoms. For example, miner revenue in early 2024 reached intensely high levels as prices rallied strongly. This condition, created by a rise in transaction fees and block dollar value, allowed miners to become profitable to distribute supply to the market, thereby aligning early topping structures. By mid-2024, the market had created a pattern where capitulation zones often indicated local bottoms, and severely overpaid zones matched market tops with heavy liquidity outflows. Notably, this pattern held throughout late 2024, early and mid 2025, during which miners’ revenue alternated between the overpaid and underpaid zone. As Bitcoin’s price struggled in Q4 2025, falling to around $80,000, BorisD explains that miners experienced another deep underpaid regime that completed a capitulation cycle, exhaustion of miner-driven selling pressure, but most importantly, confirmation of price local bottom. Related Reading: Bitcoin’s November Slump Could Trigger A 2026 Revival, Analysts Say Bitcoin Market Overview At the time of writing, Bitcoin trades at $90,898 after a minor 0.64% gain in the past 24 hours. Meanwhile, the daily trading volume is down 36.32% to $38.77 billion. According to BorisD, Bitcoin miners’ profitability is expected to continue improving, provided the market price stays above $80,000. This dynamic, in turn, supports a continuation of upward price momentum, potentially pushing Bitcoin toward another market top. Although the present market cycle has displayed atypical behavior compared to previous ones, analysts remain broadly optimistic. Many expect Bitcoin not only to recover but to eventually surpass its prior six-figure valuation. Featured image from Investopedia, chart from Tradingview
Bitcoin miners are shifting strategies as the BTC price rebounds back above $114,000 after declining from all-time highs. Instead of sticking to familiar patterns, mining firms are adjusting how they manage their holdings and operations, signaling a change in the status quo as market conditions slowly recover. Bitcoin Miners Shift From Selling To Accumulating A new analysis from CryptoQuant suggests that Bitcoin miners are breaking away from historic patterns as BTC hovers above $114,000. The data reveals a significant structural shift in miner strategies, with long-term accumulation taking precedence over aggressive sell-offs, even during price surges. Related Reading: Bitcoin Jackpot: Solo Bitcoin Miner Nets $360,000 To Beat 1 In 800 Odds The Miners’ Position Index (MPI) has historically been a crucial market sentiment indicator. CryptoQuant revealed that sharp spikes in MPI often occurred during two critical periods—pre-halving, when miners sold operations of their holdings to secure liquidity, and late bull markets, when they took advantage of retail-driven price momentum. However, the trend is markedly different in the current cycle. While some pre-halving selling has been recorded, the signature late-cycle liquidations are noticeably absent. According to CryptoQuant, this deviation suggests that external factors such as Spot ETF approvals from sovereign economies’ recognition of Bitcoin as a strategic reserve could be encouraging miners to hold onto their BTC rather than liquidate it. The resilience of the Bitcoin network itself represents another critical aspect of this shift. Mining difficulty has soared to unprecedented levels, with its trajectory following what analysts have dubbed the “Banana Zone.” Such sporadic growth not only underscores miners’ confidence in Bitcoin’s long-term potential but also reduces the likelihood of a miner-driven supply shock hitting the market. Transaction fees provide further confirmation of the recent changes in miner strategies. CryptoQuant notes that in previous cycles, spiking fees were usually precursors to overheated market conditions and inevitable downturns. Despite significant fee increases, Bitcoin’s price action has remained steady this time, showing a stepwise rally rather than a blow-off top. The pattern strongly supports the theory that miners are strategically accumulating BTC instead of releasing supply during short-term demand surges. Mining Difficulty Rises Despite BTC Price Volatility Even as miners adopt a longer-term strategy, Bitcoin’s mining difficulty continues to top the charts, climbing past 136 trillion earlier this week and marking a new all-time high. While this milestone highlights the network’s unmatched resilience, it comes during increased volatility in Bitcoin’s price action. Related Reading: Shakeout Pattern Says Bitcoin Price Is Not Done, Why It’s Headed Above $130,000 Notably, crypto analyst Matthew Hyland pointed out that Bitcoin’s monthly Bollinger Bands have reached their most extreme level in history, signaling an unprecedented surge in volatility across the market. In addition, over the past month, Bitcoin has dropped 4%, retreating from its ATH level above $124,000 to its current level of $114,000, according to CoinMarketCap. Although its 2.73% increase to $114,000 in the last week signals growing momentum, market analysts remain cautious about what lies ahead. Featured image from Pixabay, chart from Tradingview.com
Bitcoin mining is undergoing a profound shift by increasingly adopting alternative renewable energy sources. This trend has led to a remarkable change in the industry’s energy profile, with more than half of the network’s power now coming from sustainable sources. Why Renewable Energy Is Becoming A Strategic Edge For Miners In an X post, Natalie Brunell explained that Bitcoin mining is a unique process that consumes energy to secure the network, while ensuring its integrity and scarcity. Unlike traditional currencies that a central authority can print, Bitcoin’s supply is fixed. Related Reading: Bitcoin Mining Can’t Keep Up: Companies Buying At Quadruple Pace – Report The process of mining is the only way to introduce new Bitcoin into circulation, and it requires expanding real-world resources, specifically energy, to validate transactions and secure the network. This design makes the network inherently ethical and resistant to manipulation because no single entity controls the supply or has the power to create more Bitcoin. However, what makes Bitcoin mining particularly innovative is its flexible and location-agnostic nature. Miners are increasingly plugging into alternative and cheapest renewable energy sources such as wind, solar, and hydropower, which is often found in places with abundant underutilized or stranded renewable energy, such as East Texas. This flexibility allows Bitcoin miners to act as a crucial stabilizing force for the energy grid. Instead of staining the grid, they help to balance it. When the supply of renewable energy is high and demand is low, miners can soak up the excess power that would otherwise be wasted. Meanwhile, when demand from homes and businesses spikes, miners can shut down in seconds, instantly giving that power back to the grid. This makes them a valuable component of the energy sector, helping to make renewable energy more economically viable. Marathon’s Position Among Public Bitcoin Miners Marathon Digital Holdings (MARA) has delivered a strong performance, highlighting its strategic position as both a Bitcoin miner and a significant corporate holder of the asset. The company’s August report showcases its dual-engine strategy of mining and strategic purchasing. Related Reading: Bitcoin Eyes $150,000 As Binance Illiquid Supply Hits Record Highs In August, Marathon mined 705 BTC and also made a major move by purchasing an additional 1,133 BTC, actively adding to its treasury. The company’s energized hash rate now stands at an impressive 59.4 EH/s, holding 52,477 BTC in its balance sheet as of the end of August. This shows a proactive approach to accumulating Bitcoin, leveraging market conditions to strengthen its balance sheet. Following this strong August, Marathon mined another 82.6 BTC in September. This continued growth has expanded its Bitcoin treasury to nearly 52,560 BTC, cementing its status as one of the largest publicly traded holders of the digital asset. According to the company’s data, every common share of MARA is backed by $15.68 worth of BTC. Featured image from Getty Images, chart from Tradingview.com
Despite its weekend downturn, Bitcoin is up over 22% year-to-date, but public mining companies listed on NASDAQ have struggled to keep pace. The equal-weighted basket of mining stocks has gained just over 12% between Jan. 1 and Aug. 18. However, that underperformance masks a reversal in the past two months, when miners surged more than […]
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The combined hashrate of the 13 U.S.-listed miners the bank tracks now accounts for a record high 33.6% of the global network.
A rising bitcoin price is seen as most favorable for Galaxy's digital assets business, while miners fight a rising network hashrate, the report said.
As Bitcoin (BTC) continues to hover just below the $120,000 level, miners have increased transfers to Binance crypto exchange. According to analysts, elevated BTC transfers to Binance could signal an upcoming price correction for the top cryptocurrency. Bitcoin Price Correction Upcoming? According to a CryptoQuant Quicktake post by contributor Arab Chain, there was a significant spike in BTC transfers from miners to Binance crypto exchange in late July – shown in the form of double tops in the following chart. These spikes were followed by several days of above-average flows to the exchange. Early August saw another surge, with transfers ranging from several thousand BTC to more than 10,000 BTC at their peak. Related Reading: Bitcoin Bull Run At Risk? Binance Whale-To-Exchange Flow Signals Price Correction This activity suggests that miners are continuing to distribute BTC to the exchange. The selling comes as the asset’s price remains close to its all-time high (ATH) of nearly $120,000. Arab Chain noted that compared to the April–June period, the current miner activity resembles “stockpiling or hedging behavior” rather than typical low-noise patterns. The analyst shared several behavioral indicators to support this view. For instance, sustained high inflows during elevated price levels suggest that miners are taking advantage of the rally to secure liquidity, cover operational costs, or manage post-halving treasury needs. However, such large inflows are often linked to short-term resistance. The market must have sufficient buying liquidity to absorb this supply and prevent it from triggering a sharp price decline. The high frequency of peaks over the past two weeks also indicates that this is not a one-off occurrence. Instead, it marks a phase of heightened activity among Binance miners, which increases Bitcoin’s price sensitivity to any drop in demand. According to Arab Chain, if daily flows remain above the recent weekly average – roughly 5,000 to 7,000 BTC per day – it would point to ongoing supply pressure. Conversely, a rapid drop back to lower levels would suggest that the distribution wave was temporary and has already been absorbed. BTC May Be Preparing For A New ATH Despite consolidating just under $120,000, recent on-chain data shows few signs of the Bitcoin market overheating. In addition, the average executed order size in the Bitcoin futures market has been steadily declining, indicating greater retail participation in the rally. Related Reading: Bitcoin Investors Turn To ‘Smart DCA’ As Market Trades Below On-Chain Fair Value Of $117,700 That said, a significant portion of short-term BTC holders have moved into profit, which could set the stage for a sell-off. At press time, BTC trades at $118,970, down 0.6% over the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and TradingView.com
Bitcoin is trading with renewed volatility after successfully pushing back into the previous price range above the $115,000 level. This move signals resilience from the bulls, who are showing strength following several days of panic selling and heightened fears of a deeper correction. Market sentiment, while still cautious, is improving as BTC buyers reclaim ground. Related Reading: XRP Whale Activity Signals Warning: Distribution Pattern Resurfaces According to CryptoQuant data, the % BTC price change since the last difficulty bottom indicator currently sits at +7.4%, placing it in the green zone. This metric is a valuable tool for assessing miner health and market stability. Historically, real miner capitulation phases occur when this reading drops into sustained negative territory between –10% and –30%, typically after a series of difficulty decreases. Such conditions force weaker miners to sell holdings under pressure, often contributing to market downturns. At present, Bitcoin’s position above zero on this indicator suggests the market has emerged from significant miner stress. This reduces the risk of forced selling from mining operations, providing a steadier backdrop for price action. While not yet in an euphoric phase, the current reading indicates a moderate but constructive environment — one that could allow BTC to build a stronger foundation for the next upward move. Bitcoin Miner Health Signals Neutral-to-Positive Market Backdrop Top analyst Axel Adler shared fresh data suggesting that Bitcoin’s miner health remains in a neutral-to-positive state. According to Adler, the price is currently above the last difficulty bottom level, meaning there is no capitulation among miners. This reduces pressure from forced sales by weaker mining operations, a dynamic that often adds selling pressure during market downturns. The current +7.4% reading on the “% BTC price change since last difficulty bottom” indicator points to moderate momentum. While this is a constructive signal, Adler noted that it is far from the euphoric conditions seen in past market peaks, when readings surged between +50% and +80%. Looking ahead, Adler outlined several key factors to monitor: Next difficulty adjustment during falling prices: This would be a warning sign, indicating potential stress for weaker miners. Hashprice/revenue per TH/s: Tracking miner profitability can confirm or refute whether the sector is under pressure. Miner reserves: An increase in selling during weak price action would be an early signal of mounting stress. The bottom line, according to Adler, is that the miner factor is not currently dragging the market down, but it is also not a strong bullish driver. Instead, it serves as a steady, supportive backdrop — as long as Bitcoin does not break sharply above the last difficulty bottom level with double-digit percentage gains or, conversely, drop below it. In this environment, BTC’s price action will depend more on demand-side catalysts and macroeconomic developments than miner-driven pressures. Related Reading: Bitcoin STH Realized Price Signals Fragile Support: Correction Risk Intensifies BTC Price Analysis: Testing Key Resistance Level Bitcoin’s 4-hour chart shows the price attempting to sustain gains after reclaiming the $115,724 support zone. Following a strong bounce from recent lows, BTC pushed above the 50-day (blue), 100-day (green), and 200-day (red) moving averages, signaling a short-term shift in momentum. Currently, BTC is consolidating around $116,585, with immediate resistance at $116,600–$116,700, aligned with the 100-day SMA. A breakout above this area could open the path toward the $118,000–$118,500 region, with the next major resistance at $122,077, the previous range high. On the downside, $115,724 remains a crucial support level. A failure to hold this could trigger a pullback toward $114,000, with stronger support near the $112,500 zone. Volume has been relatively modest on this rebound, suggesting that bulls need stronger participation to maintain upside momentum. Related Reading: Ethereum Bears Dominate Market Orders: -$418.8M Daily Net Taker Volume Signals Trouble The recent move above multiple SMAs is a positive short-term sign, but BTC is still trading within the broader range established in July. Until the price decisively breaks above $118K, the market remains in a consolidation phase, vulnerable to reversals if buying pressure fades. Maintaining support above $115.7K will be key for bulls aiming to test higher resistance levels in the coming sessions. Featured image from Dall-E, chart from TradingView
Bitcoin mining difficulty has hit the brakes in 2025. For the first time in the network’s history, difficulty is rising at a slow pace and is on track for its slowest annual difficulty growth rate ever recorded. Signals Of Consolidation In The Bitcoin Mining Landscape Bitcoin mining difficulty has risen by 0.5% since June 1st, signaling an extraordinary slowdown in network expansion. According to mining infrastructure firm Blockware’s post on X, the Year-to-Date mining difficulty is up only 16%, which is a stark contrast to prior post-halving years. “2025 is on pace to see the slowest growth in mining difficulty in BTC history,” Blockware added. Related Reading: Bitcoin Mining Power Nears New Record: 7-Day Hashrate Hits 942 EH/s The mining growth will continue to slow down due to the following reasons: The mining Hardware is reaching the limits of Moore’s law. This is approaching the physical and economic limits of chip miniaturization, and making the new generation of miners only marginally more efficient. The physical infrastructure and energy production are the bottlenecks for growth, which is about powering the scaling of mining and ordering machines. Lastly, the data center operators are diversifying into AI and high-performance computing (HPC). However, this is bullish for BTC miners as it means less competition for the 450 BTC that are mined daily. As BTC trends steadily toward six figures, miners are positioned to arbitrage energy and compute, while producing BTC at a substantial discount to its market value. Currently, a Bitmain S21 XP hosted at the Blockware mining site is producing 1 BTC for just $55,000 in electricity costs. This is a significant discount to the market price of BTC. The benefit of BTC mining is the ability to depreciate 100% of the hardware costs and create powerful tax offsets. When combined with Tax benefits and BTC accumulation, this is how generational wealth is created. The Shift Toward Cleaner Energy And Sustainable Mining SustainableBTC has also highlighted on X that in 2017, a Newsweek article warned that Bitcoin was on track to consume all of the world’s energy by 2020. Furthermore, in 2019, the academic paper reported that emissions from BTC mining alone would push global temperatures above 2°C. Related Reading: Bitcoin Mining Hits Jackpot: JPMorgan Unveils Record Profits in Q1 Analysis Since then, there has been a widespread belief that BTC mining is harmful to the environment. However, in reality, BTC mining has the potential to be a powerful tool in the clean energy transition and a force for climate justice. In the midst of this widespread view, SustainableBTC noted that awareness and advocacy alone are not enough to change deeply rooted perceptions about BTC mining and sustainability. To move the industry forward, there is a need for transparent, auditable data, market-based incentives that align with economic performance, and environmental responsibility. Featured image from Pixabay, chart from Tradingview.com
The macro and regulatory backdrop has intensified investor interest in the sector and provided a fresh tailwind for mining firms, the report said.
As Bitcoin (BTC) continues to trade near its all-time high (ATH) of $123,218, concerns over rising exchange deposits are mounting. However, fresh on-chain data reveals a significant contrast between the current rally and previous ones – most notably, a decline in BTC deposits to exchanges. Bitcoin Flow Pulse Shows Low Exchange Activity According to a CryptoQuant Quicktake post by contributor Arab Chain, the Bitcoin Inter-Exchange Flow Pulse (IFP) indicator is exhibiting “interesting behavior” in mid-2025. Notably, large investors do not appear to be selling their holdings, despite BTC trading at record highs. Related Reading: Bitcoin Reserves On Exchanges Hit Highest Level Since June 25 – Is BTC In Danger? Typically, sophisticated investors begin profit-taking as an asset approaches ATH territory. However, that behavior appears to be largely absent this time. The lack of selling activity stands in contrast to the market peaks of 2017 and 2021. During both these instances, there were large BTC inflows to exchanges, which were closely followed by significant price corrections. Arab Chain shared the following chart highlighting the relationship between a rising IFP and Bitcoin’s price trajectory. The chart illustrates how price corrections followed rising IFP levels at the end of 2017 and again in 2021. In 2025, despite an IFP surge earlier in the year, the BTC market has since consolidated rather than corrected. For context, the IFP indicator tracks the volume of Bitcoin transferred between centralized exchanges, providing insights into investor sentiment and market conditions. A rising IFP typically suggests growing intent to sell or arbitrage, while a declining IFP indicates reduced exchange activity and stronger holder conviction. This year’s dynamic between IFP and BTC price suggests investors are choosing to hold Bitcoin, even as prices hover near record highs. Arab Chain noted that such behavior reinforces the bullish case. They said: This behavior indicates high confidence in the uptrend so far and partly explains why the price has continued to rise without any clear selling pressure. On the other hand, if the Bitcoin IFP indicator begins to rise, it indicates an intention to sell and an anticipated significant supply pressure. Therefore, a sudden rise in the indicator is a strong warning sign for speculators. BTC Miners Engaging In Profit-Taking While large investors remain largely inactive on the selling front, Bitcoin miners appear to be cashing in on the current rally. Miner outflows surged to 16,000 BTC on July 15 – the highest single-day level since April 7. Related Reading: No Mania Yet: Bitcoin ATH Lacks Hype, Suggesting Further Upside Potential As selling pressure builds, recent analysis by CryptoQuant contributor Chairman Lee highlights a key support level that BTC must defend to remain on track for the $180,000 year-end target. At press time, BTC trades at $117,529, down 1.4% in the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and TradingView.com
From GPUs to AI deals, Bitcoin miners are finding new lifelines beyond crypto. AI is becoming a major revenue stream for them.
Bitcoin is currently holding above the $115,000 level after setting a new all-time high of approximately $123,000 last Monday. The price structure remains firmly bullish, with buyers still in control, but growing signs suggest the potential for a short-term correction. Momentum has slowed, and the market is entering a consolidation phase as traders reassess risk. Related Reading: Coinbase Premium Signals Aggressive Ethereum Accumulation: Institutional Demand Accelerates According to new data from CryptoQuant, Bitcoin miner selling has surged sharply. On July 15, the same day Bitcoin reached its latest peak, daily BTC inflows to exchanges jumped from 19,000 BTC to 81,000 BTC — a clear sign that major holders, including miners and whales, took advantage of high prices to offload assets. Notably, miner outflows spiked to 16,000 BTC, the highest daily level since April, and nearly all of it was sent directly to exchanges. These inflows suggest a shift in sentiment among large players, raising the probability of increased supply pressure in the short term. While the broader trend remains intact, and fundamentals like long-term holder activity are still strong, the spike in exchange deposits is a classic signal to watch. Whether this leads to a deeper pullback or simply a healthy reset will likely be decided in the coming days. Miners Take Profits As Bitcoin Hits All-Time High Fresh data from CryptoQuant reveals that Bitcoin miners have resumed aggressive selling behavior as BTC reached a new all-time high of ~$123,000. On July 15, miner outflows spiked to 16,000 BTC — the highest single-day total since April 7. This level of activity represents what analysts at CryptoQuant describe as an “extreme outflow,” indicating that miners seized the opportunity to take profits at elevated prices. The miners sent nearly all the BTC they withdrew from their wallets directly to centralized exchanges. This reinforces the interpretation that the move was not simply a strategic reallocation but an active decision to sell into market strength. Such behavior often signals growing caution among miners, who may expect either near-term price exhaustion or are simply capitalizing on favorable conditions after months of holding. Miner behavior has long been viewed as a leading indicator of potential market shifts. When outflows rise — particularly to exchanges — it tends to precede increased volatility or temporary tops. While the broader Bitcoin trend remains bullish and investor demand stays strong, this wave of miner selling injects a dose of uncertainty. Related Reading: Ethereum Enters Top 30 Global Assets With $416B Market Cap – What’s Next? BTC Consolidates Below ATH After Explosive Rally The daily chart of Bitcoin (BTC/USD) shows price consolidating in a tight range between $115,730 and $123,230 after reaching a new all-time high. This zone is now acting as a short-term channel, with buyers defending the $115K area while facing resistance around $123K. The latest daily candle shows low volatility, suggesting indecision among traders as Bitcoin pauses after its recent breakout. Volume has tapered off following a massive spike that coincided with the all-time high breakout, a potential signal of exhaustion or reduced participation from large buyers. The 50-day simple moving average (SMA) at $108,796 remains well below the current price, confirming the bullish momentum is still intact, but any breakdown below the $115K level could bring the 50-day SMA into focus as a potential support. Related Reading: All 40K Remaining Bitcoin From The 80K Whale Just Moved: $4.75B In One Wallet Now So far, the trend structure remains bullish, but with a growing number of analysts pointing to miner sales and whale activity, traders are closely monitoring price action for signs of a pullback or renewed breakout. If BTC can reclaim $123,230 with volume, the next leg up could follow. Until then, this consolidation may serve as a healthy cooldown before the next major move. Featured image from Dall-E, chart from TradingView
The fall in the monthly average network hashrate was a result of miners curtailing operations in response to the recent heatwave, the report said.
The company said $10 million of the total amount raised came in the form of bitcoin, at a rate of $104,000 per BTC.
The combined hashrate of the 13 bitcoin miners the bank follows has risen 99% year-on-year versus a 55% y/y increase in the network hashrate, the report said.
The total market cap of the 13 U.S.-listed miners that the bank tracks rose 19% from the month previous, according to the report.
U.S.-listed miners also produced fewer bitcoin last month than in March.
Mining gross margins expanded sequentially this month, which is encouraging, the bank said.
Mining profitability fell in April as the network hashrate increased 6%, the report said.
Beaten down crypto miners snapped back after weeks of underperformance with bitcoin catching momentum.
While there are still two weeks until the end of April, Bitcoin miners managed to net stack approximately 759 BTC, the first positive month since January. Daily net flow dropped from a +1,175 BTC inflow on Apr. 6 to a -1,627 BTC outflow on Apr. 7, mirroring Bitcoin’s rapid dip. This volatility in miner flows […]
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Mining profitability worsened due to a 11.2% decline in the bitcoin price and a 9.1% slump in transaction fees, the report said.
On-chain data shows the Bitcoin miners have continued to make large deposits to exchanges recently, a sign that could be bearish for BTC’s price. Bitcoin Miner Exchange Netflow Has Been Seeing Positive Spikes In a new post on X, CryptoQuant author IT Tech has discussed about the latest trend in the Bitcoin Miner to Exchange Flow vs. Exchange To Miner Flow metric. This indicator measures, as its name suggests, the netflow happening between miner-associated wallets and centralized exchanges. When the value of this metric is positive, it means the miners are depositing a net number of tokens to these platforms. Generally, these chain validators transfer to the exchanges whenever they want to sell, so this kind of trend can have a bearish impact on the asset’s price. Related Reading: Bitcoin Resets With 14% Deleveraging—Here’s What Past Events Led To On the other hand, the indicator having a negative value implies the the miner exchange outflows are outweighing the miner exchange inflows. Such a trend suggests this cohort may be accumulating, which can naturally be bullish for BTC. Now, here is the chart that shows the trend in the Bitcoin Miner to Exchange Flow vs. Exchange To Miner Flow over the last year: As displayed in the above graph, the indicator has been registering significant positive values since the bull rally from the last couple of months of 2024, implying miners have been depositing big to these platforms. The metric has also been flagging some net outflows during this period, but the scale of them has been significantly lesser compared to the net inflows. Given that the deposits started when the rally began, it would appear likely that the motivation behind them was for profit-taking purposes. Recently, though, bullish momentum has seen a cooldown and BTC’s price has declined, but the miner inflows have nonetheless continued. It’s possible that this group is now just panic selling, in fear of a bear market. Miners are entities that regularly participate in distribution, due to the fact that they have constant running costs in the form of electricity bills that they have to pay off somehow. Usually, this selling isn’t of a scale that can’t be absorbed by the market, so Bitcoin doesn’t tend to be affected much by it. In the periods where miner selling is significant, however, BTC can indeed suffer from a bearish setback. Compared to during the rally last year, miner inflows are currently lower, but are of a notable level nonetheless. “If miner selling accelerates, it could introduce short-term volatility into the market,” notes the analyst. Related Reading: Is Bitcoin Peak In? This Data Suggests Otherwise, Analytics Firm Says It now remains to be seen what the Bitcoin miners would do next and whether their potential selling would have any influence on the asset or not. BTC Price At the time of writing, Bitcoin is floating around $83,400, up almost 6% in the last seven days. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
U.S.-listed miners maintained their share of the network hashrate at around 30%, the report said.
Bitcoin Miner IREN Upgraded to Overweight, Cipher Mining Cut to Neutral: JPMorgan
The total market cap of the 14 publicly-listed U.S. bitcoin miners that the bank tracks dropped 22% last month, the report said.
On-chain data shows the Bitcoin Miners’ Position Index (MPI) has recently formed a crossover that has historically been bullish for the asset’s price. Bitcoin MPI Has Seen Its 90-Day MA Cross Above The 365-Day As explained by an analyst in a CryptoQuant Quicktake post, the Bitcoin MPI momentum has recently given a bullish signal for Bitcoin. The “MPI” refers to an on-chain metric that keeps track of the ratio between the total miner outflow and its 365-day moving average (MA). Related Reading: $54 Million In Dogecoin Exits Binance As Price Crashes 9%: Sign Of Buying? The miner outflow here is naturally the amount of the cryptocurrency (in USD) that is being transferred out of the wallets associated with the network’s validators. When the value of the MPI is high, it means the miners are making more outflows than usual. Generally, the main reason why this cohort transfers tokens out of its wallets is for selling-related purposes, so this kind of trend can be bearish for the asset’s price. On the other hand, the indicator being low suggests the miners are withdrawing a lower number of coins than the average for the past year. Such a trend could be a sign that this group is preferring to hold for now. In the context of the current topic, the Bitcoin MPI itself isn’t of interest, but rather a derivative indicator known as the MPI Momentum. Like other momentum metrics, this one also involves two MAs: 90-day and 365-day. Below is a chart for the BTC MPI Momentum over the past few years. As displayed in the graph, the 90-day MA of the Bitcoin MPI recently broke above the 365-day one. This suggests miner selling has been gaining positive momentum. While this may sound bad, the cryptocurrency has actually historically benefited from the pattern. From the chart, it’s apparent that the crossover generally signals the start of an extended bullish period for the asset’s price. The last time that the two MAs of the MPI displayed this trend before the latest instance was back in December 2022. Related Reading: Solana Plunges 12%, But This Pattern Could Mean Decline Isn’t Over Yet So far since the most recent crossover, the 90-day and 365-day MAs have continued to diverge away from each other, implying that the momentum in the metric remains strong. Bitcoin has usually only hit tops when the 90-day has gained a large amount of distance over the 365-day. Thus, considering the current placement of the two lines, it’s possible that the cryptocurrency has some room remaining in this cycle, before miner selloff leads to a top. BTC Price Bitcoin fell towards the $98,000 mark during yesterday’s crash, but the asset appears to have found a rebound since then as it’s now back at $102,500. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com