Bitcoin Miners: From Hoarding to Selling – Understand the Trend

• Bitcoin miners’ changing strategies: from hoarding to selling
• Summer sparks Bitcoin miner capitulation: a recurrent seasonal trend
• The aftermath of the ftx exchange collapse reshapes Bitcoin deposits, withdrawals

Bitcoin Miners Changing Strategies

Bitcoin miners have been transitioning their strategies from hoarding the cryptocurrency to selling it. This shift is evident in the Bitcoin realized prices by cohort, which show that dollar cost averaging (DCA) strategies are being implemented. As summer approaches, the season has historically brought with it a new wave of capitulation from miners who find that the cost of mining exceeds potential return.

Recurring Seasonal Trend

The Hash Ribbon, a market indicator defined by Glassnode, operates on the assumption that Bitcoin tends to bottom out when miners capitulate. This happens when the cost of mining Bitcoin is higher than its potential return. The Hash Ribbon signals the end of this phase when its 30-day moving average (MA) crosses over and turns positive. Recent data suggests that another wave of miner capitulation is taking place and could signal an upcoming bottom in Bitcoin prices.

High Monthly Influx in Bitcoin ETPs

The last month was also marked by a second highest monthly influx into bitcoin exchange traded products (ETPs). K33 reported seeing US$327 million worth of inflows over this period. Despite this increase in investment activity, there are still signs that market participants remain cautious due to recent events such as the collapse of FTX Exchange which reshaped deposits and withdrawals for cryptocurrency exchanges across global markets.


In conclusion, while there has been an increase in investment activity towards cryptocurrencies like bitcoin, there are still signs of caution among market participants given recent events such as exchanges collapsing or miner capitulations happening more often during certain seasons such as summertime. As more data comes out about these activities, investors should be aware that they may impact bitcoin’s prices both positively and negatively depending on how they play out over time.