Bitcoin miner ‘capitulation event’ may have already happened — Research
— Miner, Author, Happened, Circumstances since march 2020, Sellers, Major united states exchange coinbase, Side volume following, Usd —, Time — 1 min read
Bitcoin miners may have already sparked a “capitulation event,” fresh analysis has concluded. Data shows miners have seen a dramatic change in circumstances since March 2020. The dip to $17,600 has hit some players hard, with miner wallets sending large amounts of coins to exchanges. Bitcoin's 200-week moving average (MA), a key support level during previous bear markets, has yet to see significant interest from buyers despite the spot price being around $2,000 below it. Bitcoin Twitter account even described situation as miners “being drained of their coins’s coins” The situation is tenuous, but the majority of miners remain active, as witnessed by network fundamentals dropping only slightly from all-time highs of over 30 trillion Source