empty
28.06.2022 10:41 AM
Bitcoin mining companies continues sell-off amid record outflow of investments: can we expect a local bottom reset?

Bitcoin continues to actively explore the $19k–$21k range as the overall market situation stabilizes after a record collapse. Analysts note that due to the stabilization of quotes, the main cryptocurrency began to be considered as a safe haven. This process takes place against the background of growing volumes of short positions on major altcoins. The growing interest in BTC as a defensive asset can be taken as a positive signal indicating a gradual return of the market to its usual course.

This image is no longer relevant

However, the general market situation remains critical, despite local positive moments. Miners have become the main sponsor of the fall in market capitalization and Bitcoin. In June, cryptocurrency miners sold off 20% of the total BTC in free float, a huge contributor to the market crash. And there is every reason to believe that miners can provoke a second decline in the entire market, and in particular Bitcoin. Despite the decrease in realized losses, miners continue to sell BTC coins locally, and the risk of a sharp price collapse will soon increase significantly.

This image is no longer relevant

Bloomberg reports that most mining companies have encountered difficulties servicing loans secured by cryptocurrency mining equipment. The publication estimates the total debt obligations of digital asset mining companies at $4 billion. The catalysts for the emergence and growth of debt were a difficult market situation, as well as a revaluation of mining devices. According to Arcane Research, when using conventional mining equipment, the cost of mining one BTC is $8,000. However, when using advanced systems, mining one coin can cost $20,000.

This image is no longer relevant

This image is no longer relevant

This image is no longer relevant

The situation remains tense, because even taking into account the receipt of a certain profit, it may not be enough to cover the basic costs and earn a living. Therefore, the likelihood of a mass sale of BTC coins to cover debts exists. In addition, the overall liquidity situation for Bitcoin remains negative. According to data from CoinShares, the previous week saw a record $423 million outflow of investments from BTC. All volumes of withdrawn funds fell on the first cryptocurrency.

This image is no longer relevant

Given this fact, we can conclude that the situation with liquidity in the market remains critical, which can become the main factor in the sale of BTC coins accumulated by miners. Given the massive opening of short positions on major altcoins, the ongoing capitulation and massive outflow of funds from Bitcoin, as well as a likely sell-off from miners, two scenarios can be assumed.

This image is no longer relevant

The first option involves a massive and rapid sale of BTC due to bright fundamental news, which suggests an even greater fall in the price of Bitcoin. In such a situation, miners will begin to sell their reserves to get quick access to liquidity. With this development of events, there is no doubt that Bitcoin will again fall below the $20k level, retest $17.7k, and possibly update the local bottom. After all, BTC fell by 73%, and the fall can reach up to 80%–85%. Market capitalization will again test the level of $800 billion.

This image is no longer relevant

This image is no longer relevant

The second scenario has already been described by JPMorgan experts. Miners will continue to sell BTC coins in local outbreaks to cover current costs. With this option, you should not expect an impulse price reduction. Instead, the duration of the current phase of the bear market will be delayed due to the constant pressure on the price from the miners. However, the weakness of this option is that it does not take into account the factor of fundamental events. The situation in the world is unpredictable, and any escalation or new tough sanctions can completely change the market environment, which can serve as a catalyst for the implementation of the first scenario.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

BCH/USD – situación actual y perspectivas

Los sentimientos de duda e incertidumbre de la semana pasada se mantienen hasta ahora. La atracción del nivel final del cruce mensual de Ichimoku (329,98) sigue manteniendo al mercado dentro

Evangelos Poulakis 07:10 2025-03-27 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 26 de marzo

El Bitcoin y Ethereum continúan mostrando un crecimiento activo, pero también enfrentan dificultades al superar niveles importantes de resistencia. Ayer, el Bitcoin, tras alcanzar los $88 400, retrocedió y actualmente

Miroslaw Bawulski 07:32 2025-03-26 UTC+2

El Bitcoin se estanca antes de un nuevo impulso por encima de los $90 000

Mientras estás pensando si comprar Bitcoin o no, el mayor gestor de activos del mundo, la empresa BlackRock, está aumentando activamente sus reservas de ETH para su fondo tokenizado BUIDL

Jakub Novak 07:32 2025-03-26 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 25 de marzo

El Bitcoin y Ethereum lograron actualizar niveles bastante importantes, pero una vez más no pudieron mantenerse por encima de ellos. El Bitcoin, tras alcanzar el nivel de $88 600, retrocedió

Miroslaw Bawulski 07:48 2025-03-25 UTC+2

Por qué la caída de Bitcoin aún no ha terminado

A pesar del reciente crecimiento del mercado de criptomonedas, por ahora las perspectivas alcistas más amplias y el regreso del Bitcoin al nivel de $100 000 siguen siendo poco realistas

Jakub Novak 07:48 2025-03-25 UTC+2

Recomendaciones de trading en el mercado de criptomonedas para el 24 de marzo

El Bitcoin y Ethereum han mostrado un crecimiento bastante sólido hoy después de un fin de semana algo apagado, lo que indica una creciente disposición de los inversores al riesgo

Miroslaw Bawulski 08:41 2025-03-24 UTC+2

El Bitcoin y Ethereum muestran señales de reactivación

El Bitcoin y Ethereum han retomado su crecimiento tras una pausa tomada por los traders durante el fin de semana. Sin embargo, aún es prematuro hablar del desarrollo

Jakub Novak 08:41 2025-03-24 UTC+2

Análisis del par BTC/USD. El 24 de marzo. El Bitcoin continúa en corrección

La estructura de ondas en el gráfico de 4 horas del instrumento BTC/USD es completamente clara. Después de finalizar una fase de tendencia alcista compuesta por cinco ondas completas, comenzó

Chin Zhao 08:41 2025-03-24 UTC+2

El Bitcoin apunta a $90 000

Después de la reunión de ayer de la Reserva Federal, en la que el regulador se quedó sin muchos argumentos para mantener las tasas altas, el Bitcoin y Ethereum reanudaron

Jakub Novak 07:57 2025-03-20 UTC+2

Recomendaciones para operar en el mercado de criptomonedas para el 20 de marzo

El Bitcoin y Ethereum han vuelto a subir tras la reunión de ayer de la Reserva Federal, donde quedó claro que será necesario reducir las tasas

Miroslaw Bawulski 07:57 2025-03-20 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.