{"id":493974,"date":"2022-06-23T18:00:14","date_gmt":"2022-06-23T18:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=493974"},"modified":"2024-06-11T14:21:00","modified_gmt":"2024-06-11T14:21:00","slug":"bitcoin-miners-contributing-to-btc-crash-new-report-sheds-light","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-miners-contributing-to-btc-crash-new-report-sheds-light\/","title":{"rendered":"Bitcoin Miners Contributing To BTC Crash? New Report Sheds Light"},"content":{"rendered":"<p>Bitcoin remains in the red with a 10% loss over the past week. The number one crypto by market cap has been consolidating at its current levels after a massive crash too it to a multi-year low of $17,500.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/crypto\/are-small-cap-crypto-assets-rebounding-a-sign-risk-appetite-returning\/\" target=\"_blank\" rel=\"noopener \">Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning?<\/a><\/strong><\/p>\n<p>At the time of writing, BTC\u2019s price trades at $20,400 with sideways movement in the last 24 hours.<\/p>\n<figure id=\"attachment_493978\" aria-describedby=\"caption-attachment-493978\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-493978 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-15.png?resize=860%2C376\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-493978\" class=\"wp-caption-text\">BTC moving sideways on the 4-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UJ6TlxFV\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>As many outlets have been reporting, Bitcoin miners have been reducing their BTC holdings. This has contributed to the selling pressure and to BTC\u2019s price plunging to its current levels from the $30,000 area.<\/p>\n<p>A recent <a href=\"https:\/\/coinmetrics.substack.com\/p\/state-of-the-network-issue-160\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> by analytics firm Coin Metrics looked into BTC miners\u2019 addresses, and funds flow to pin down Bitcoin\u2019s crash real impact on the sector. As the firm claims, the process of tracking down BTC miners\u2019 addresses can be difficult, despite the transparency of the blockchain.<\/p>\n<p>In order to get a clear picture of current miners&#8217; BTC holdings, Coin Metrics labeled the addresses which have come in contact with mining pools. These miners combined their resources and split the rewards for including a block in the blockchain.<\/p>\n<p>Miners pool their resources because they have a bigger chance of receiving the rewards. These pools interact with BTC addresses which Coin Metrics called 0 Hop miners and then the split rewards go to 1 Hop address or miners.<\/p>\n<p>As seen below, the firm was able to discover that there are 2.9 million 1-hop miners, but this is the total number of addresses for every entity that has ever mined 1 BTC. The number has been on a decline since January 2021 when the sector became more industrialized.<\/p>\n<figure id=\"attachment_493979\" aria-describedby=\"caption-attachment-493979\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-493979\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-miner-CM.jpg?resize=460%2C285\" alt=\"Bitcoin BTC BTCUSD miner CM\" width=\"460\" height=\"285\"><figcaption id=\"caption-attachment-493979\" class=\"wp-caption-text\">Source: Coin Metrics<\/figcaption><\/figure>\n<p>In that sense, active Bitcoin miner addresses interacting with the mining pools total 34,000 in 2022. A much smaller number when compared to its all-time high, and with 2021 when these addresses stood at 92,000.<\/p>\n<h2>Bitcoin Miners Reduce Holdings, But Remain Bullish<\/h2>\n<p>The total number of 1-hop BTC addresses have been dumping their Bitcoin since July 2020. This metric inversely correlates with the price of BTC. While the cryptocurrency rose, the BTC supply held by these addresses trended to the downside.<\/p>\n<p>These entities have sold at least 500,000 BTC from that period until June 2022 impacted by price volatility. As seen below, active miners have been reducing their supply as well but only sold around 25,000 BTC.<\/p>\n<figure id=\"attachment_493980\" aria-describedby=\"caption-attachment-493980\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-493980\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-CM-2.jpg?resize=460%2C300\" alt=\"Bitcoin BTC BTCUSD CM 2\" width=\"460\" height=\"300\"><figcaption id=\"caption-attachment-493980\" class=\"wp-caption-text\">Source: Coin Metrics<\/figcaption><\/figure>\n<p>Coin Metrics analyst Parker Merritt added the following to the recent findings:<\/p>\n<blockquote><p>While most miners prefer HODLing, last week&#8217;s market turbulence threw many miners for a loop. With the wick down below $18K, several companies became forced sellers, liquidating their BTC treasuries to minimize the impacts of a margin call.<\/p><\/blockquote>\n<p style=\"text-align: center\"><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/crypto\/controlling-the-chaos-alameda-ventures-bails-out-voyager-with-200m-15k-btc\/\" target=\"_blank\" rel=\"noopener \">Controlling The Chaos: Alameda Ventures Bails Out Voyager With $200M &amp; 15K BTC<\/a><\/strong><\/p>\n<p>There is an uptick on the chart above, which could translate into a new period of BTC accumulation from miners. Overall, less leverage in the crypto market could contribute to healthier price action.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin remains in the red with a 10% loss over the past week. The number one crypto by market cap has been consolidating at its current levels after a massive crash too it to a multi-year low of $17,500. Related Reading |\u00a0Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning? At the time of writing, BTC\u2019s price trades at $20,400 with sideways movement in the last 24 hours. As many outlets have been reporting, Bitcoin miners have been reducing their BTC holdings. This has contributed to the selling pressure and to BTC\u2019s price plunging to its current levels from the $30,000 area. A recent report by analytics firm Coin Metrics looked into BTC miners\u2019 addresses, and funds flow to pin down Bitcoin\u2019s crash real impact on the sector. As the firm claims, the process of tracking down BTC miners\u2019 addresses can be difficult, despite the transparency of the blockchain. In order to get a clear picture of current miners&#8217; BTC holdings, Coin Metrics labeled the addresses which have come in contact with mining pools. These miners combined their resources and split the rewards for including a block in the blockchain. Miners pool their resources because they have a bigger chance of receiving the rewards. These pools interact with BTC addresses which Coin Metrics called 0 Hop miners and then the split rewards go to 1 Hop address or miners. As seen below, the firm was able to discover that there are 2.9 million 1-hop miners, but this is the total number of addresses for every entity that has ever mined 1 BTC. The number has been on a decline since January 2021 when the sector became more industrialized. In that sense, active Bitcoin miner addresses interacting with the mining pools total 34,000 in 2022. A much smaller number when compared to its all-time high, and with 2021 when these addresses stood at 92,000. Bitcoin Miners Reduce Holdings, But Remain Bullish The total number of 1-hop BTC addresses have been dumping their Bitcoin since July 2020. This metric inversely correlates with the price of BTC. While the cryptocurrency rose, the BTC supply held by these addresses trended to the downside. These entities have sold at least 500,000 BTC from that period until June 2022 impacted by price volatility. As seen below, active miners have been reducing their supply as well but only sold around 25,000 BTC. Coin Metrics analyst Parker Merritt added the following to the recent findings: While most miners prefer HODLing, last week&#8217;s market turbulence threw many miners for a loop. With the wick down below $18K, several companies became forced sellers, liquidating their BTC treasuries to minimize the impacts of a margin call. Related Reading |\u00a0Controlling The Chaos: Alameda Ventures Bails Out Voyager With $200M &amp; 15K BTC There is an uptick on the chart above, which could translate into a new period of BTC accumulation from miners. Overall, less leverage in the crypto market could contribute to healthier price action.<\/p>\n","protected":false},"author":535,"featured_media":493750,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-493974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Miners Contributing To BTC Crash? 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/wncen.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Miners Contributing To BTC Crash? New Report Sheds Light","description":"Bitcoin remains in the red with a 10% loss over the past week, as BTC miners reduce their supply amid growing market volatility.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-miners-contributing-to-btc-crash-new-report-sheds-light\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Miners Contributing To BTC Crash? 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miners Contributing To BTC Crash? 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