revealed doubts about Bitcoin avoiding knock-on effects despite already significantly underperforming stocks in the wake of FTX.“If we do indeed see a continuation crash in the stock market due to high interest, defaults etc, I expect Bitcoin to follow. Until then we will simply range in my opinion while there are minimal buyers.”That sentiment echoed a forecast from popular commentator, Nunya Bizniz, who earlierThe starkest outlook on equities came from Michael A.
The latest data shows that the 30-day change in the BTC supply held in miner wallets is at its most negative since the start of 2021., come in the form of the Miner Net Position Change metric. As of Dec. 3, miners were overall down 17,721 BTC over 30 days.Additional data confirmed miners’ overall BTC balance putting in a further steep decline at the start of December, dropping from 1,828,630 BTC on Nov. 30 to 1,818,303 BTC on Dec. 3.Bitcoin miner BTC balance chart.
, Bitcoin’s Hash Ribbons metric is already flagging a capitulation phase in the making, its two moving average crossing over just months after miners exited their last capitulation.With Bitcoin miners under stress, network fundamentals are beginning to reflect changes in activity. While hash rate was still increasing after FTX and the subsequent BTC price decline, toward the end of November, thingsThe forthcoming decrease in difficulty will even constitute Bitcoin’s largest since July 2021, when a single readjustment saw it drop by over 27%.
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