There is less than a month left until the halving of rewards for Bitcoin miners and uncertainty is beginning to take place within the community.
Some analysts point to a continuation of the bullish trend, while others say that a significant correction will happen before the halving. Many may be right, but we believe it is pertinent to evaluate some metrics of the miners in order to make our own decisions.
By the time Bitcoin had reached a new all-time high, the miners' revenue exceeded more than $23 billion dollars and to date is below $16.9 billion dollars. The above represents a percentage variation of approximately 18.5%, which is significant.
Looking at history of past cycles, we can see that when Bitcoin reached new highs, the total capitalization of the miners suffered a correction; indicating basic price action for bearish sentiment.
Another aspect that we must constantly monitor are the specific points by which miners decide to send their Bitcoins to the exchanges.
To date, the cash flow of Bitcoins sent to exchanges remains greater than the outflows; behavioral pattern that can be selling interest and reducing participation positions.
Last article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Remember that all information presented here is a combination of third party data added to our personal opinion.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Rubikkav.
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