1- Miner Outflow (Total): After a support level of $53,000, miner outflow continues to rise. Bitcoin has been observed leaving miner wallets at the current price level, which could create potential selling pressure. A similar example was seen on May 21.
2- Puell Multiple: After the Bitcoin halving, there was a sharp drop in miner revenues. The lower the Puell value, the lower the Bitcoin price, indicating that it could be a good buying opportunity. A Puell value of 0.5 will significantly reduce miner revenues, and this could be a potential bottom area.
3- MPI (Miner Profitability Index): Currently at a very low level, and we’re seeing a slight increase from this point. This adds some selling pressure to the current structures but doesn't create a significant overall selling pressure.
4- Miner Profit/Loss Sustainability: In the first week of May, the network experienced extremely low fees, and the drop seen in the first week of July was almost identical, followed by a recovery. This trend is continuing, and currently, we can say it's fairly paid.
Summary: There is some selling pressure, but it is not significant enough to drastically drop the market. Everything is progressing normally for miners at the moment. There’s nothing to be overly concerned about.
Written by XBTManager
