Bitcoin: ‘These miners no longer matter to the price’

Market observers have cited macro uncertainty, the Bitcoin miner crisis, and supply overhangs from various entities, including planned Mt. Gox repayments.the impact of Bitcoin miners on BTC price action based on the amount held by top miners and monthly supply. He said,

“These miners no longer matter to the price of Bitcoin. The top 5 together hold 34K BTC. Even if they sold half of everything they have, that’s only 1 billion USD, or 0.1% of the value of the asset. In terms of new supply, these 5 generate 2K BTC per month. It no longer matters.”Marathon Digital, Clean Spark, and Riot Blockchain are amongst the top public BTC miners per market cap. However, other analysts countered Krueger’s argument.“Public miners only have 20-25% of the hash rate.

Per Straten, the total supply held by miners was staggering at 1.8 million BTC, worth about $109.8 billion at current market prices. The analyst added that despite a decline in the total supply held by miners, the staggering amount was still a “constant sell pressure.” AMBCrypto analysis of the total BTC miner reserve confirmed Straten’s take. The metric had dropped to 1.8M BTC, which matched the lows seen in 2021.“Strip that away to get the real long term demand and supply. New investors, OG sellers, miners selling new supply in impulses. Turns out they still matter.”“Hashrate continues to fall. This is now the longest #bitcoin miner capitulation since the bottom of the 2022 bear market.”Historically, BTC prices bounce back whenever hashrates increase.

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