On-chain metrics indicate Bitcoin miners’ influence on the price is diminishing
Research suggests that Bitcoin miners are holding less of the asset. A new report by on-chain analytics provider CoinMetrics suggests that miners’ considerable influence on the Bitcoin network is slowly diminishing.The research analyzed miner and pool addresses and spending in order to determine whether their influence over the network as a whole had changed over time. As miners receive newly issued Bitcoin rather than buy it, they are natural net sellers of the asset.Measuring the net flows from two types of addresses associated with block rewards revealed that there has been a gradual....
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Bitcoin remains on an upward trend after breaking through $40,000 once again. However, this upward trend has not translated onto on-chain metrics. While the price of the digital asset continues to sit in the green, on-chain metrics have plummeted paining an entirely different picture in relation to price. From miner revenues to transaction fees, the […]
As the bitcoin community seeks consensus on how to address bitcoin transaction time, a meeting this month in Silicon Valley could indicate how likely the chances are for consensus, according to Bloomberg. The proceedings will likely reflect the impact of China’s miners, who are estimated to control 70 percent of all bitcoin mining. Consensus on what to do to improve transaction time is considered to be important to bitcoin’s future. Failure to address this challenge could undermine the 4,475% bitcoin growth over the past five years. Worries Of China’s Influence. Some bitcoin enthusiasts....
Bitcoin remains in the red with a 10% loss over the past week. The number one crypto by market cap has been consolidating at its current levels after a massive crash too it to a multi-year low of $17,500. Related Reading | Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning? At the time of writing, BTC’s price trades at $20,400 with sideways movement in the last 24 hours. As many outlets have been reporting, Bitcoin miners have been reducing their BTC holdings. This has contributed to the selling pressure and to BTC’s price plunging to its current levels from the....
CoinDesk Research's Monthly Review for October focuses on Bitcoin and Ethereum plus some of the stories their on-chain metrics are telling us.
Ethereum has undergone a strong bounce since the lows seen in September. As of this article’s writing, the coin trades for $372, around 20% above those lows. The cryptocurrency is about the set a weekly close above the $365-370 resistance. Despite this strong bounce in the price of Ethereum, on-chain metrics show that the blockchain is currently weakening. Fortunately, the leading cryptocurrency has positive fundamental and technical trends that may result in growth in the […]