The Bitcoin miner crisis persists and could be a key headwind for the recovery of BTC.has weakened and dropped to a low of $57K on 4th July. That was a 9% decline in July and marked the fourth consecutive month of sideways movement since Q2.
When the LTH metric was adjusted from +2 years to 155 days, the net outflow was about—$40 billion, per Edwards. Additionally, when Grayscale’s GBTC outflows are factored in and removed, the overall dump across the three entities amounted to $18 billion worth of BTC outflow.that net flows fluctuated considerably in Q2, unlike the steady positive flows recorded in Q1. The stagnating demand from ETFs, thus, corroborated Edwards’ thesis.Another key entity mentioned in the analysis, BTC miners, was still deep in a profitability crisis after the halving event.
‘Every day, I look at 7 squiggly lines to see if it’s time. Nope, not yet. Miners are still bleeding out, writhing in pain.’For perspective, the Bitcoin Hash Ribbons are moving averages that signal when hash rates drop, specifically during miners’ profitability crises. Although they also historically signaled a market bottom, the metric has yet to recover and further reinforce BTC’s
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