The world’s largest crypto Bitcoin (BTC) delivered a strong price pump moving nearer to $25,000. As of press time, BTC is changing 3% up at a price of $24,678 with a market cap of $472 billion.
On the other hand, Bitcoin miners remain to book proceeds with every rise in order to cover their operational costs. As per the Glassnode data, the Bitcoin hash-ribbons stay inverted signaling the current stress within the mining industry.
Though Glassnode added, “the faster 30DMA is starting to stabilize, suggesting some improvement to miner financial conditions”.
As the BTC price rebounded over $22,000 over the last two weeks, we have seen a fall in the Bitcoin miner balance. This is because the miners want more liquidity. This constant selling could probably affect the BTC price rally going further.
“Over the last 2 weeks, aggregate miner proportion decreased by approximately 4.7k $BTC. This indicates aggregate miners are taking some exit liquidity during the current price rally, likely to shore up balance sheets and hedge risk”.
Furthermore, Glassnode adds that Bitcoin miner pressure peaked in June 2022 when the BTC price tanked under $20,000. But the miner allocation to the exchanges has been on a decline in current weeks. This goes on to indicate that while the stress stays in the industry, the worst of the duration could be behind us.