Edris
Miners are likely to initiate the next big crash
2022 has been showcasing how bad a Bitcoin bear market can really be, and it is getting even worse. After multiple defaults and bankruptcies during the last few months and a gruesome decline in price, the miners are seemingly beginning to capitulate. Miners may be considered as the most important participants in the Bitcoin space, as they are responsible for network security. They have also accumulated massive amounts of BTC during the last few years, and their buying or selling pressure can move the price significantly. Therefore, miners capitulating is definitely bad news. According to the Miner Reserve metric which measures the total amount of Bitcoin held by miner wallets, they have been selling BTC in huge chunks recently, which can be identified on the chart by the significant plunge in the reserve. This worrying signal comes after various rumors about the miners failing to repay their debts, and could set up the market for another massive crash in the short-term.