The increases partly reflect a “HODL premium” akin to MicroStrategy’s, the analysts said.
The CEO of MARA Holdings has gone all-in on bitcoin, adding billions of dollars worth of the world’s largest cryptocurrency to MARA’s balance sheet.
Core Scientific’s CEO pioneered the highly lucrative move by bitcoin miners into AI computation work.
If it follows through with its proposal, Riot Platforms will join many of its colleagues in paying top prices for BTC.
From attaining a six-figure market price to a sudden market crash, Bitcoin has remained the major headliner in the crypto market over the past week. Among these rapid developments on the largest digital asset, blockchain analytics company Santiment has observed a massive decline in mining balance. Related Reading: Bitcoin Sets New ATH Above $104,000, Yet Investors Don’t Want To Sell Bitcoin Miners Offload 85,503 BTC In 48 Hours On Friday, Santiment shared a report on Bitcoin mining wallets activity in correlation to the asset’s price. According to the analytics firm, there has been a consistent decrease in the Bitcoin collective mining balances since April 2024 indicating that miners have been gradually selling their BTC or moving funds to another wallet. However, Santiment states these mining wallets have now transferred out 85,503 BTC, valued at $8.56 billion, over the last 48 hours, which represents the largest drop in miner balances since late February prior to Bitcoin’s surge to $73,000. Generally, increased outflows from miners could indicate a bearish shift in price momentum. However, the team at Santiment postulates the recent BTC offload should be considered a net-neutral signal with no inking on Bitcoin’s price movement. This notion is based on Bitcoin miner balances showing a weak correlation with price for the majority of 2024. Moreover, non-mining whales and sharks continue to accumulate Bitcoin signaling confidence among investors in the asset’s profitability despite miner activity. Interestingly, popular crypto analyst Ali Martinez recently provided some update on this accumulation trend stating that BTC whales have acquired 20,000 BTC, valued at $2 billion, over the past 24 hours. Nevertheless, the constant decline in miner balances remains an important concern for Bitcoin investors. Aside from an ability to induce a bearish sentiment, miners transferring out BTC may draw speculations over mining profitability, which is critical to sustaining the Bitcoin network. Related Reading: As Bitcoin Trades Above $100K—Analysts Reveal What Could Be Next Bitcoin Price Overview At the time of writing, Bitcoin trades at $100,119 following a 3.67% price increase in the past 24 hours. On larger time frames, Bitcoin is equally in profit as evidenced by gains of 2.92% and 32.60% in the last seven days and 30 days, respectively. The largest digital asset is preparing to face minor resistance at $102,000 following an earlier rejection. If the market bulls are able to produce a breakout, Bitcoin maintains a prolonged price rally that began in early October. Based on previous bull cycles, the premier cryptocurrency is touted to gain by an average of 38.86% in December, with the potential to trade as high as $140,000 before 2024 runs out. Featured image from Britannica, chart from Tradingview
The founder and CEO of the on-chain analytics firm CryptoQuant has explained where the peak Bitcoin market cap lies based on the current hashrate. Bitcoin Ceiling Could Lie At This Level Based On Network Hashrate In a new post on X, CryptoQuant founder and CEO Ki Young Ju discussed a BTC pricing model that puts upper and lower bounds on the cryptocurrency’s price using the trend in the mining hashrate. The mining hashrate here refers to a metric that keeps track of the total computing power the miners have currently connected to the Bitcoin blockchain. Miners use their computing power to compete against each other to become the first to solve certain mathematical puzzles and receive the block reward as compensation. Related Reading: Chainlink May Reach New ATH If This Barrier Breaks, Analyst Says Given that BTC can’t exist without the miners or, at least, not be as secure without a decentralized network, some believe the intrinsic value of the cryptocurrency can be measured using the hashrate. After all, the Bitcoin miners have to pay constant electricity bills to host the hashrate, and they would only be willing to run as many farms as would be worth it. The chart below shows that the BTC mining hashrate has been rising recently and setting new all-time highs (ATHs). The reason behind this uptrend is the rally that the asset has been observing; price is the main variable for the revenue of these chain validators, as the block subsidy they receive in BTC naturally fluctuates with it. Speaking of the block subsidy, a feature of the BTC network is that its value is permanently slashed in half about every four years in an event called the Halving. A consequence of the Halving is that miner revenue in BTC is constantly heading down. The pricing model shared by Young Ju considers this fact by adjusting the mining hashrate. This indicator then takes the market cap’s ratio with this adjusted hashrate and determines the highest and lowest values for this ratio in the asset’s history. Here is the chart for the model that shows what values the asset’s market cap would need to attain for the ratio to become equal to either of these extremes: As displayed in the above graph, the maximum potential Bitcoin market cap based on the current value of the network’s hashrate is almost $5 trillion. The asset’s market cap is a little under $1.9 trillion, which means it’s just 38% of this upper limit. Something to note, though, is that the 2021 bull run top occurred under the top line of the model. So, it’s possible that the top for the current cycle may not touch the line, either. That said, the market cap did come closer to the peak ratio back then than it has so far in this cycle, which could at least suggest there is room left for BTC in the rally. Related Reading: Bitcoin Crashes Under $93,000: What’s Behind It? A peculiar feature in the chart’s lines is that they have some abrupt drawdowns in 2016, 2020, and 2024. These naturally correspond to the Halving events that occurred in those years and reflect their economic effect on Bitcoin mining. BTC Price At the time of writing, Bitcoin is trading at around $94,400, up more than 2% over the last seven days. Featured image from Dall-E, CryptoQuant.com, Blockchain.com chart from TradingView.com
On-chain data shows the Bitcoin Hashrate has surged to a record value as the coin’s price has continued to explore new all-time highs (ATHs). 7-Day Average Bitcoin Mining Hashrate Has Shot Up Recently The “Hashrate” refers to a metric that keeps track of the total amount of computing power that the Bitcoin miners as a […]
On-chain data shows the Bitcoin Hashrate has seen a setback recently, a potential indication that miners may not believe the asset’s run would last. Bitcoin Mining Hashrate Has Declined Since Its All-Time High The “Hashrate” refers to a metric that keeps track of the miners’ total computing power currently attached to the Bitcoin network. This indicator’s value is measured in terms of hashes per second (H/s) or the larger and more practical, terahashes per second (TH/s). Related Reading: Is $135,000 Bitcoin’s Current Ceiling? This Model Says So When the value of this metric registers an increase, it means new miners are joining the network, and old ones are expanding their farms. Such a trend implies that blockchain is a lucrative opportunity for these chain validators. On the other hand, the declining indicator suggests some miners have decided to disconnect their rigs from the network, potentially because they can’t break even anymore. Now, here is a chart that shows the trend in the 7-day average of the Bitcoin Mining Hashrate over the past year: As displayed in the above graph, the 7-day average Bitcoin Hashrate had sharply moved up earlier and set new records. However, the metric has dropped since peaking near the 755 million TH/s mark at the start of this month. The earlier uptrend in the indicator resulted from the positive price action that the asset had been enjoying, as the price is directly linked to the miners’ revenue. There are two ways that these chain validators make their income: the transaction fees and the block subsidy. The former is dependent on traffic conditions and can drastically change from day to day. The latter, on the other hand, has very specific constraints attached to it. The block subsidy remains fixed in BTC value for about four years, at the end of which an event called the Halving cuts it exactly in half. These rewards are also given out at a more or less constant rate, meaning miners’ daily block subsidy income in BTC terms always remains quite predictable. Related Reading: Dogecoin Price Down 7%, But Whales Continue To Buy However, one variable is free to change, and it’s the USD value of these rewards. Whenever the price rises, so does the block subsidy revenue of the miners. This is why the Hashrate tends to see growth in bullish periods. Bitcoin has been exploring new highs recently, but the Hashrate has interestingly stayed muted. The indicator is around 723 million, which means it has declined by more than 4% since the peak. This trend could signal that the miners expect the current rally to face an obstacle. BTC Price At the time of writing, Bitcoin is floating about $91,900, up over 8% in the last seven days. Featured image from Dall-E, Blockchain.com, chart from TradingView.com
The total market cap of the miners the bank tracks grew 33% since the end October, the report said.
Bitcoin has maintained its bullish momentum over the weekend, solidifying its position above the $90,000 mark. This milestone showcases Bitcoin’s resilience as it continues to captivate investors with its upward trajectory. The market has been buzzing with optimism as Bitcoin inches closer to new highs. However, recent on-chain data suggests that a potential pullback could be on the horizon. Related Reading: Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation Key data from CryptoQuant reveals that Bitcoin miners have sold over 3,000 BTC in the past 48 hours. This wave of miner profit-taking often signals a cooling phase, as it introduces additional supply into the market. While the selling activity is not uncommon during periods of strong price action, it could lead to a short-term consolidation phase below the all-time high of $93,400 set earlier this week. Despite this, Bitcoin’s ability to hold above $90,000 highlights strong underlying demand and robust market sentiment. Investors and analysts are closely watching the coming days to see if Bitcoin can absorb this selling pressure and maintain its bullish trajectory. Bitcoin Looks Very Strong Bitcoin’s price action has remained robust, breaking all-time highs multiple times over the past 11 days and reaffirming its bullish momentum. However, after such an aggressive upward movement, the market appears to be entering a period of consolidation as some investors and entities lock in profits. Crypto analyst Ali Martinez shared key data on X that highlights that Bitcoin miners have sold over 3,000 BTC in the past 48 hours, valued at approximately $273 million. This selling activity suggests that miners, typically long-term holders, are taking profits amid the recent surge. Such moves are common during strong bull runs and can indicate that market participants anticipate a short-term price plateau or retrace. While miner selling is a natural part of market dynamics, sustained activity of this kind could signal a shift in sentiment. If selling pressure persists, it might push Bitcoin toward lower demand zones, providing potential re-entry opportunities for sidelined investors. Related Reading: Solana About To Target $250 If It Breaks Key Supply Level – Analyst Currently, Bitcoin’s ability to absorb this selling pressure will determine whether the current bullish trend remains intact. A brief consolidation phase may be beneficial, allowing the market to establish a stronger foundation for the next leg up. For now, investors are closely watching key levels to gauge the potential for continued growth or a deeper correction. BTC Holds Steady Above $90,000 Bitcoin is currently trading at $90,600 after a volatile few days that saw its price range between its all-time high of $93,483 and a local low of $86,600. This consolidation comes after aggressive bullish momentum that set new records, leaving investors and analysts watching the next moves closely. Despite the recent cooling off, Bitcoin’s price action remains strong, supported by increasing demand and overall bullish sentiment. If Bitcoin can hold above the $86,000 level over the next few days, a renewed surge to challenge and potentially surpass its all-time high seems plausible. The market has shown resilience, with fresh demand continuing to emerge even as minor profit-taking occurs. Related Reading: XRP Breaks Above Multi-Year Resistance – Top Analyst Shares Price Target However, there is a risk of a deeper retracement. Should Bitcoin lose support at $86,000, it would likely test lower demand levels, searching for a strong base to fuel its next upward move. Key support zones could provide the foundation for renewed buying interest and set the stage for the next bullish phase. Featured image from Dall-E, chart from TradingView
Bitcoin has entered price discovery after repeatedly breaking all-time highs over the past week. The price surged an impressive 38% in under ten days, highlighting the overwhelming bullish momentum that has captivated the market. BTC is consolidating below the $93,400 mark as traders and investors anticipate its next move. Key data from CryptoQuant reveals an […]
As bitcoin climbs above $82,000, U.S. crypto equities are soaring in pre-market trading, with Semler Scientific leading with a 25% gain.
MicroStrategy has shocked the crypto community with its latest plans to increase its Bitcoin stash by 4X with an impressive $42 billion capital plan. Known for its unwavering Bitcoin accumulation strategy, MicroStrategy has consistently purchased BTC, solidifying its position as the world’s largest corporate holder of the cryptocurrency. If the company can increase its BTC stash […]
Data shows the Bitcoin Hashrate has been experiencing a rapid uptrend recently, a hint that miners expect the asset’s latest rally to continue. 7-Day Average Bitcoin Hashrate Has Been Exploring New Highs Recently According to data from Blockchain.com, the BTC network has seen its Hashrate shoot up recently. The “Hashrate” here refers to an indicator […]
On-chain data shows that the Bitcoin Mining Difficulty has set a new all-time high (ATH) after the jump in the latest network adjustment. Bitcoin Mining Difficulty Has Seen An Increase Of Nearly 4% Recently According to data from CoinWarz, the BTC Difficulty has seen a positive adjustment recently. The “Difficulty” here refers to a metric […]
Bitcoin is selling off when writing and approaching the psychological support at $60,000. From what’s printing out, clear in the daily chart, it represents a weak start for Q4 2024–a historically bullish quarter. Bitcoin Miners Reducing Their Dumping While BTC is under pressure, sliding nearly 10% from September highs, it is emerging that Bitcoin miners […]
On-chain data shows the Bitcoin Mining Hashrate has remained at its recent lows, indicating that miners may not be confident about the coin’s rally. Bitcoin Mining Hashrate Has Moved Sideways Around Lows Recently The “Mining Hashrate” refers to a metric that keeps track of the total computing power miners have currently attached to the Bitcoin […]
In the last week, multiple miner wallets dormant from the Satoshi era transferred out a significant amount of Bitcoin (BTC). Generally, when miners sell their Bitcoin, especially in a significant proportion, it can induce selling pressure leading to a price drop. However, despite recent miner selling activity, BTC rallied by over 7% hitting a top […]
VanEck expects Bitcoin’s long-term bull market to continue, but miners are struggling.
VanEck expects Bitcoin’s long-term bull market to continue, but miners are struggling.
The on-chain analytics firm Santiment has explained how this could be the signal that leads into the next bull run for Bitcoin. Bitcoin Miner Supply May Hold Key To Start Of Next Bull Rally In a new post on X, the analytics firm Santiment has discussed the trend in the “Supply held by Miners” metric. […]
Bitcoin is trading around $57,500 after a volatile session sparked by the release of the CPI data. Amid the market turbulence, CryptoQuant’s on-chain and macro researcher Axel Adler shared an interesting observation about Bitcoin and mining stocks. Related Reading: Bitcoin (BTC) Analyst Expects $100,000 By December – Details According to Adler, a strong correlation exists […]
On-chain data shows that the Bitcoin Mining Hashrate has just set a new all-time high (ATH) despite the asset’s bearish trajectory. 7-Day Average Bitcoin Mining Hashrate Has Shot Up Recently The “Mining Hashrate” refers to a metric that keeps track of the total amount of computing power that the miners as a whole have connected […]
Miners earned an average of $43,600 per exahash a second in daily block rewards last month, the lowest rate on record, the report said.
Crypto miners are moving away from debt and embracing stock dilution to fuel their AI and HPC ambitions, but the payoff is still uncertain.
TeraWulf claims to be the most profitable miner on a per-share basis, with an average production cost of $40,000 per Bitcoin.
On-chain data shows the OTC desks that Bitcoin miners like to use have seen their balance shoot up, a sign that historically been bearish. Bitcoin Miners Have Been Depositing Big To OTC Desks Recently As pointed out by an analyst in a CryptoQuant Quicktake post, BTC miners have been sending coins to over-the-counter (OTC) desks […]
Looking at the formation in the daily chart, Bitcoin bulls are struggling for momentum. Despite the expansion on August 8, reversing losses of August 5, buyers didn’t follow through, meaning traders are waiting for more confirmation before diving in. The lack of activity in the past few trading days means prices are inside a bull […]
The ability to raise debt or equity in the world's deepest capital markets is a major advantage, the report said.
The broker upgraded the bitcoin miner's shares to buy from sell and raised its price target on the stock to $13.50 from $7.50.