Miner sales continue in Bitcoin: "Wait 2-3 months"

While Bitcoin was pushing the 60 thousand dollar level again this morning, CryptoQuant CEO Ki Young Ju pointed out the miners for the price movement. Ju, who also shared the Puell Multiple chart showing miner profitability, said, "Avoid too much risk and wait for the crypto markets to be boring for 2-3 months."

While discussions continue on the direction of Bitcoin, which rose to 73 thousand dollars in March but experienced serious declines with the halving, an important comment regarding the movements of miners came from CryptoQuant CEO Ki Young Ju.

“It will be a boring period”

The CEO of the on-chain data platform stated in his comment on X that the serious sales of miners continue and used the following statements:

“Bitcoin miners' sales continue. Looking at the past, sales generally; It seems that this is the period when the daily average issued BTC value corresponds to 40% of the annual average. This situation currently stands at 72%. I expect crypto markets to be dull for the next 2-3 months. “Avoid high risk and be positive about Bitcoin in the long term.”

Young Ju also shared the Puell Multiple chart showing data on miners' revenues.

In the Puell Multiple chart showing the profitability of Bitcoin miners, the figure is seen to be 0.7. While in the past, it was generally seen that miner profitability increased with the increase in price, it is now clear that the earnings rate is much lower than in 2023... The biggest reason here is, of course, the fact that the rewards are divided in two during the halving... The decrease in miner profitability means that these miners This causes them to make significant sales to cover their costs, thus causing the price to drop.

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- Uzmancoin