sfinance2022-06-23

Bitcoin. Miners can't stand it

Pic#1 If we compare the NUPL (Net Unrealized Profit/Loss) indicator, we will see a very interesting picture. At the time of the capitulation, at the bottom of the bear market in 2020, the NUPL was -0.17, but now it is even lower. At the moment, on the decline to $17.605, the NUPL was -0.19. That is, the unrealized loss rate has already surpassed the bottom of 2020 Pic#2 Let's look at a metric that shows the total number of coins transferred from the mining pool to exchange wallets. When we see big spikes, it means that a large amount of bitcoin is transferred from mining pools to exchanges for sale. When this is done in bear markets, it means that the miners are not keeping up with the amount of expenses they are supposed to cover. For this, part of the bitcoins is sold Pic#3 Puell Multiple can be interpreted as "If all mined bitcoins were sold immediately in the market, how profitable mining pools are compared to last historical one year?". Shows the income of miners at the moment