Bitcoin Miner Outflow Ratio Hits 6 Month
Bitcoin Miner Outflow Ratio Hits 6 Month high in new theat to BTC price - The behavior from June of this year is being repeated by the Seller Exhaustion Constant, which gauges the connection between supply in profit and 30-day volatility.
The BTC outflows from miner wallets as compared to their one year moving average are measured by Glassnodes miner outflow multiple, which is not at its highest level in 6 months.
Data shows that Bitcoin miners are selling more of their BTC reserves in the face of record hash rate and fading profit margins.
"We are potentially entering into a double dip miner capitulatory period" Willam Clemente, Co-Founder of Crypto research firm Hash Ribbons metric used to monitor miner profitability.
"Hash ribbons have just initiated a bearish cross, historically this has been a leading indicator of miner capitulation".
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