{"id":513886,"date":"2022-12-27T14:00:35","date_gmt":"2022-12-27T19:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=513886"},"modified":"2023-03-08T07:26:19","modified_gmt":"2023-03-08T07:26:19","slug":"analyst-ethereum-bullish-against-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/analyst-ethereum-bullish-against-bitcoin\/","title":{"rendered":"Analyst Explains Why Ethereum Is Bullish Against Bitcoin"},"content":{"rendered":"

An analyst has explained that the absence of miners on the Ethereum network could be bullish for the ETHBTC ratio.<\/p>\n

Miners Provide A Persistent Selling Pressure On Bitcoin<\/h2>\n

As explained in a tweet<\/a> by Tom Dunleavy, a Messari research analyst, BTC miners sell almost all the coins they mine. The below chart contains data about the top ten public Bitcoin mining companies, displaying information such as how much each of them mined this year, the amounts that they sold, and the size of their current holdings:<\/p>\n

\"Bitcoin<\/p>\n

Looks like Marathon is holding the largest reserve right now | Source: Tom Dunleavy on Twitter<\/a><\/pre>\n
In total, the ten largest mining companies in the space mined a collective 40.7 BTC this year and sold 40.3 BTC. This means that they roughly dumped the entire supply that they mined in 2022 and in the process, applied constant selling pressure on the network.<\/p>\n
Earlier in the year, Ethereum successfully transitioned to a Proof-of-Stake<\/a> (PoS) consensus mechanism, which means the blockchain no longer uses miners for handling transactions, and rather uses stakers (investors that have locked 32 ETH in the PoS contract) to act as validating nodes.<\/p>\n
Related Reading: Bitcoin Selling Pressure Becoming Exhausted? This Metric May Hint So<\/a><\/div>\n
In a Proof-of-Work (PoW) system, miners compete with each other using large amounts of computing power. Therefore, many expenses are involved in getting up their facilities, but one cost, in particular, stays with them as long as they continue to operate: the electricity bills. It is because of these electricity bills that miners have to continuously sell what they mine to keep their business sustainable.<\/p>\n
Some miners try to hold onto their reserves for as long as possible, like Marathon<\/a>, and Hut8 can be seen doing in the chart. Still, in a market like right now, where electricity prices have shot up while the BTC price has plummeted due to the bear, margins are fine for the already debt-ridden public miners<\/a>, and thus most of them can’t afford to accumulate.<\/p>\n
In the case of a PoS chain, however, stakers don’t incur such expenses and thus don’t have any particular need to sell the rewards they earn while staking. This implies that the type of selling pressure that miners put on Bitcoin isn’t present on the Ethereum blockchain.<\/p>\n
Related Reading: Ethereum Price Downtrend Intact for this Reason, Market Muted<\/a><\/div>\n
The analyst believes that this fact provides a good thesis to be bullish on the ETHBTC ratio.<\/p>\n
Ethereum Price<\/h2>\n
At the time of writing, ETH is trading around $1,200, down 1% in the last week.<\/p>\n
\"Ethereum<\/p>\n
The value of the crypto doesn't seem to have moved much during the last few days | Source: ETHUSD on TradingView<\/a><\/pre>\n
Featured image from Pierre Borthiry – Peiobty on Unsplash.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
An analyst has explained that the absence of miners on the Ethereum network could be bullish for the ETHBTC ratio. Miners Provide A Persistent Selling Pressure On Bitcoin As explained in a tweet by Tom Dunleavy, a Messari research analyst, BTC miners sell almost all the coins they mine. The below chart contains data about the top ten public Bitcoin mining companies, displaying information such as how much each of them mined this year, the amounts that they sold, and the size of their current holdings: Looks like Marathon is holding the largest reserve right now | Source: Tom Dunleavy on Twitter In total, the ten largest mining companies in the space mined a collective 40.7 BTC this year and sold 40.3 BTC. This means that they roughly dumped the entire supply that they mined in 2022 and in the process, applied constant selling pressure on the network. Earlier in the year, Ethereum successfully transitioned to a Proof-of-Stake (PoS) consensus mechanism, which means the blockchain no longer uses miners for handling transactions, and rather uses stakers (investors that have locked 32 ETH in the PoS contract) to act as validating nodes. Related Reading: Bitcoin Selling Pressure Becoming Exhausted? This Metric May Hint So In a Proof-of-Work (PoW) system, miners compete with each other using large amounts of computing power. Therefore, many expenses are involved in getting up their facilities, but one cost, in particular, stays with them as long as they continue to operate: the electricity bills. It is because of these electricity bills that miners have to continuously sell what they mine to keep their business sustainable. Some miners try to hold onto their reserves for as long as possible, like Marathon, and Hut8 can be seen doing in the chart. Still, in a market like right now, where electricity prices have shot up while the BTC price has plummeted due to the bear, margins are fine for the already debt-ridden public miners, and thus most of them can’t afford to accumulate. In the case of a PoS chain, however, stakers don’t incur such expenses and thus don’t have any particular need to sell the rewards they earn while staking. This implies that the type of selling pressure that miners put on Bitcoin isn’t present on the Ethereum blockchain. Related Reading: Ethereum Price Downtrend Intact for this Reason, Market Muted The analyst believes that this fact provides a good thesis to be bullish on the ETHBTC ratio. Ethereum Price At the time of writing, ETH is trading around $1,200, down 1% in the last week. The value of the crypto doesn’t seem to have moved much during the last few days | Source: ETHUSD on TradingView Featured image from Pierre Borthiry – Peiobty on Unsplash.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":513896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,639,1119,8323,65296,1946,84133,8686],"class_list":["post-513886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-bitcoin-miners","tag-btc","tag-eth","tag-ethbtc","tag-ethereum","tag-ethereum-bullish","tag-ethusd"],"acf":[],"yoast_head":"\nAnalyst Explains Why Ethereum Is Bullish Against Bitcoin<\/title>\n<meta name=\"description\" content=\"An analyst has explained that the absence of miners on the Ethereum network could be bullish for the ETHBTC ratio. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Explains Why Ethereum Is Bullish Against Bitcoin","url":"http:\/\/wncen.com\/news\/ethereum\/analyst-ethereum-bullish-against-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/analyst-ethereum-bullish-against-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/pierre-borthiry-peiobty-vBCVcWUyvyM-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/pierre-borthiry-peiobty-vBCVcWUyvyM-unsplash-scaled.jpg?fit=2560%2C1854"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miners","btc","eth","ethbtc","ethereum","ethereum bullish","ethusd"],"dateCreated":"2022-12-27T19:00:35Z","datePublished":"2022-12-27T19:00:35Z","dateModified":"2023-03-08T07:26:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Explains Why Ethereum Is Bullish Against Bitcoin\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/analyst-ethereum-bullish-against-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/analyst-ethereum-bullish-against-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/pierre-borthiry-peiobty-vBCVcWUyvyM-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/pierre-borthiry-peiobty-vBCVcWUyvyM-unsplash-scaled.jpg?fit=2560%2C1854\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miners\",\"btc\",\"eth\",\"ethbtc\",\"ethereum\",\"ethereum bullish\",\"ethusd\"],\"dateCreated\":\"2022-12-27T19:00:35Z\",\"datePublished\":\"2022-12-27T19:00:35Z\",\"dateModified\":\"2023-03-08T07:26:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/pierre-borthiry-peiobty-vBCVcWUyvyM-unsplash-scaled.jpg?fit=2560%2C1854","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/513886"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=513886"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/513886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/513896"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=513886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=513886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=513886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}