Bitcoin
Bitcoin (BTC)
$70,110.00 -1.25106
Bitcoin price
Ethereum
Ethereum (ETH)
$3,783.70 2.69828
Ethereum price
BNB
BNB (BNB)
$618.14 3.29015
BNB price
Solana
Solana (SOL)
$178.34 -3.68043
Solana price
XRP
XRP (XRP)
$0.5352460 -0.27885
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000263 3.84911
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000138 26.09005
Pepe price
Bonk
Bonk (BONK)
$0.0000327 4.68029
Bonk price
Bitcoin
Bitcoin (BTC)
$70,110.00 -1.25106
Bitcoin price
Ethereum
Ethereum (ETH)
$3,783.70 2.69828
Ethereum price
BNB
BNB (BNB)
$618.14 3.29015
BNB price
Solana
Solana (SOL)
$178.34 -3.68043
Solana price
XRP
XRP (XRP)
$0.5352460 -0.27885
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000263 3.84911
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000138 26.09005
Pepe price
Bonk
Bonk (BONK)
$0.0000327 4.68029
Bonk price
Bitcoin
Bitcoin (BTC)
$70,110.00 -1.25106
Bitcoin price
Ethereum
Ethereum (ETH)
$3,783.70 2.69828
Ethereum price
BNB
BNB (BNB)
$618.14 3.29015
BNB price
Solana
Solana (SOL)
$178.34 -3.68043
Solana price
XRP
XRP (XRP)
$0.5352460 -0.27885
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000263 3.84911
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000138 26.09005
Pepe price
Bonk
Bonk (BONK)
$0.0000327 4.68029
Bonk price
Bitcoin
Bitcoin (BTC)
$70,110.00 -1.25106
Bitcoin price
Ethereum
Ethereum (ETH)
$3,783.70 2.69828
Ethereum price
BNB
BNB (BNB)
$618.14 3.29015
BNB price
Solana
Solana (SOL)
$178.34 -3.68043
Solana price
XRP
XRP (XRP)
$0.5352460 -0.27885
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000263 3.84911
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000138 26.09005
Pepe price
Bonk
Bonk (BONK)
$0.0000327 4.68029
Bonk price
SirWin
SirWin
SirWin

Bitcoin miners’ balance hits 14-month low, signaling hope for crypto world

News
Bitcoin miners’ balance hits 14-month low, signaling hope for  crypto world

Bitcoin (BTC) miners’ balance in the last few months caused pressure in the market, resulting in a price drop. As the number of their assets hits a 14-month low, there is new hope for traders.

Miners greatly influence the price of Bitcoin and altcoins, as market prices depend on demand and supply. The pressure of miners selling assets leads to a flooded market and a drop in rates. However, Bloomberg recently noticed that Bitcoin miners have likely reached a capitulation state, raising hopes for the crypto market.

Miners have faced a rough year after the fall of Bitcoin and the rising energy crisis in the world, contributing to low revenues. Mining companies faced the pressure of selling their reserves to cater to needs leading to extensive net outflows in the last few months. 

A graph by Glassnode indicates that Bitcoin miners’ balance has hit a 14-month low of 1,818,615. The last similar low was registered in October 2021.

Bitcoin miners' balance hits 14-month low, signaling hope for crypto world - 1
The 14 -week BTC miners’ balance
Source: Glassnode.com

Most miners have entered into hosting contracts and Power Purchase Agreements (PPAs) that entail consuming energy or paying an additional fee. Miners endure losses while mining with the hope of a better price in the future or closing down their businesses. Presently, the Bitcoin market is entering a double-dip miner capitulatory era.

The last seven days have stretched the accounts of miners. Glassnode indicates that miners have transferred a high number of Bitcoins in the previous few days leading to an average of 47,109,254 BTC.

Bitcoin miners' balance hits 14-month low, signaling hope for crypto world - 2
The 7-day transaction average by miners

As demonstrated above, miners are currently under pressure to sell more than they mined during the year. The amount of Bitcoin sold is more than the amount earned, which indicates that they will stop trading at some point and allow the market to thrive. According to Glassnode, the reserves could dry very soon, triggering a price rise in the coming days.