{"id":624051,"date":"2024-06-11T16:30:08","date_gmt":"2024-06-11T16:30:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=624051"},"modified":"2024-06-11T16:40:17","modified_gmt":"2024-06-11T16:40:17","slug":"is-bitcoin-crashing-because-of-miner-capitulation-and-speculative-btc-bets","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/is-bitcoin-crashing-because-of-miner-capitulation-and-speculative-btc-bets\/","title":{"rendered":"Is Bitcoin Crashing Because Of Miner Capitulation And Speculative BTC Bets?"},"content":{"rendered":"

Bitcoin is dumping when writing, cooling off from May highs of nearly $72,000. Down roughly 10% from all-time highs, there could be more losses on the way, at least looking at the candlestick arrangement in the daily chart.<\/span><\/p>\n

Now, Willy Woo, a Bitcoin on-chain analyst, <\/span>thinks<\/span><\/a> the drop is primarily because of the ongoing “miner capitulation.” Woo notes that the network is now actively “culling” out weak miners, forcing them to shut down their operations. <\/span><\/p>\n

Related Reading: Blood In The Water? Ethereum Whales Circle As Price Drops<\/a><\/div>\n

As they exit, they sell their BTC holdings, running into thousands, if not tens of thousands, of the coin.<\/span><\/p>\n

\"Bitcoin
Bitcoin miner capitulation | Source: @woonomic via X<\/figcaption><\/figure>\n

Bitcoin Network “Culling” Weak Miners<\/span><\/h2>\n

Because of market dynamics, the higher the supply, the lower the prices; Bitcoin is flushing lower, squeezing out even more miners. It remains to be seen for how long this will continue, but the impact of Halving is now increasingly evident.<\/span><\/p>\n

In Woo’s assessment, miner capitulation is necessary. Moreover, weak miners’ forced liquidation of BTC will only make the network more resilient. This is because the “cull” will eliminate less efficient players from the network, ultimately leading to a more robust system. <\/span><\/p>\n

On April 20, the Bitcoin network Halved miner rewards from 6.25 BTC to 3.125 BTC. Since miners depend on rewards as their primary income source, their revenue was slashed by 50%. <\/span><\/p>\n

If they choose to continue operating, they must not only compete with larger mining firms, most of which are public, like Riot Blockchain and Mara Digital, but they must also be very efficient, using modern gear for a higher hash rate.<\/span><\/p>\n

Staying efficient is a primary challenge, and rather than competing with public miners, some, as it appears, are folding and choosing to exit the business. <\/span><\/p>\n

Interestingly, even as “weak” miners shut down operations, the network hash rate–a measure of the total computing power–is still at near record highs. According to <\/span>YCharts<\/span><\/a>, the hash rate is 578 EH\/s, down from 721 EH\/s registered on April 23.<\/span><\/p>\n

\"Bitcoin
Bitcoin hash rate | Source: YCharts<\/figcaption><\/figure>\n

Will BTC Prices Recover If Speculative Bets Are Purged?<\/span><\/h2>\n

Woo also thinks there is a need to “purge the degen open interest in futures bets.” <\/span>The analyst says excessive leverage trading on perpetual platforms like Binance, OKX, and Bybit must drop.<\/span> The spike in degen trading has driven up the “paper Bitcoin,” or speculative bets.<\/span><\/p>\n

Woo explains that following the collapse of FTX<\/a> in November 2022, speculative bets <\/span>were wiped<\/span>, allowing for a swift recovery in BTC prices in the following months<\/span>. <\/span><\/p>\n

Related Reading: $2 Billion Crypto Funds Flow Into Market On Rate Cut Buzz<\/a><\/div>\n

If the coin is to recover and reject the current attempts for lower lows, <\/span>the clearance of<\/span> the current “paper Bitcoin” overhang will be required for a sustained leg up.<\/span><\/p>\n

Whether the “cleansing” of weak miners and speculative bets will help drive up prices remains to be seen for now. Bitcoin is trickling lower, confirming the losses of June 6. <\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending lower on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

The immediate support lies at $66,000. If this level is lost, BTC could flash crash to $60,000 or even May 2024 lows of $56,500.<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is dumping when writing, cooling off from May highs of nearly $72,000. Down roughly 10% from all-time highs, there could be more losses on the way, at least looking at the candlestick arrangement in the daily chart. Now, Willy Woo, a Bitcoin on-chain analyst, thinks the drop is primarily because of the ongoing “miner capitulation.” Woo notes that the network is now actively “culling” out weak miners, forcing them to shut down their operations. Related Reading: Blood In The Water? Ethereum Whales Circle As Price Drops As they exit, they sell their BTC holdings, running into thousands, if not tens of thousands, of the coin. Bitcoin Network “Culling” Weak Miners Because of market dynamics, the higher the supply, the lower the prices; Bitcoin is flushing lower, squeezing out even more miners. It remains to be seen for how long this will continue, but the impact of Halving is now increasingly evident. In Woo’s assessment, miner capitulation is necessary. Moreover, weak miners’ forced liquidation of BTC will only make the network more resilient. This is because the “cull” will eliminate less efficient players from the network, ultimately leading to a more robust system. On April 20, the Bitcoin network Halved miner rewards from 6.25 BTC to 3.125 BTC. Since miners depend on rewards as their primary income source, their revenue was slashed by 50%. If they choose to continue operating, they must not only compete with larger mining firms, most of which are public, like Riot Blockchain and Mara Digital, but they must also be very efficient, using modern gear for a higher hash rate. Staying efficient is a primary challenge, and rather than competing with public miners, some, as it appears, are folding and choosing to exit the business. Interestingly, even as “weak” miners shut down operations, the network hash rate–a measure of the total computing power–is still at near record highs. According to YCharts, the hash rate is 578 EH\/s, down from 721 EH\/s registered on April 23. Will BTC Prices Recover If Speculative Bets Are Purged? Woo also thinks there is a need to “purge the degen open interest in futures bets.” The analyst says excessive leverage trading on perpetual platforms like Binance, OKX, and Bybit must drop. The spike in degen trading has driven up the “paper Bitcoin,” or speculative bets. Woo explains that following the collapse of FTX in November 2022, speculative bets were wiped, allowing for a swift recovery in BTC prices in the following months. Related Reading: $2 Billion Crypto Funds Flow Into Market On Rate Cut Buzz If the coin is to recover and reject the current attempts for lower lows, the clearance of the current “paper Bitcoin” overhang will be required for a sustained leg up. Whether the “cleansing” of weak miners and speculative bets will help drive up prices remains to be seen for now. Bitcoin is trickling lower, confirming the losses of June 6. The immediate support lies at $66,000. If this level is lost, BTC could flash crash to $60,000 or even May 2024 lows of $56,500. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":609449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240,3],"tags":[428,640,679,768,1119,78790],"class_list":["post-624051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-news","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-bitcoin-trading","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nIs Bitcoin Crashing Because Of Miner Capitulation And Speculative BTC Bets?<\/title>\n<meta name=\"description\" content=\"Bitcoin, one analyst says, is likely crashing due to the capitulation of weak miners following the Halving event in April\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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