BlockBeats reported that on September 11, the encrypted data analysis platform glassnode released a report stating that "miners are still the core participants of the Bitcoin network. Despite market volatility and uncertainty, Bitcoin miners continue to install new ASIC hardware, pushing the overall computing power up (14-day moving average) to 666.4 EH/s, just 1% lower than the historical high."
Nevertheless, since March Since Bitcoin hit new highs in February, miner revenues have fallen significantly. A large portion of this revenue decline can be attributed to reduced fee pressure. This is driven by a decline in token transfer demand and a reduction in transaction fees from runes and inscriptions.
Miners are generally pro-cyclical, acting as sellers when markets fall and holders when markets rise, so a certain degree of selling pressure can be expected in the event of further declines.
Centralized exchanges remain a core venue for speculative activity and price discovery. As such, we can assess trading volume on these venues as a proxy for investor activity and speculative interest. Performing a similar 30/365 day momentum crossover analysis of exchange-related inflows and outflows, we can see that monthly average volume has fallen significantly below the annual average. This highlights a decline in investor demand and a reduction in speculative trading in the current price range. This is also evident in the institutional investment space, with Bitcoin and Ethereum ETFs showing net outflows.
CVD The indicator estimates the net balance between market buying and selling pressure in the spot market. Using the same methodology, we noticed that over the past 90 days, investor selling pressure has been increasing, causing price action to trend downwards.
