Professor Satoshi2023-08-09

What Are The Miners doing + BTC On-Chain Overview

Miners: What are the miners doing? Below blue line indicates amount of coins held by the miners wallets tracked by CQ. You’d be surprised to see they are generally pretty good swing traders. They were sellers starting in Aug 2022 and finally starting on May 27 this year they started accumulating. Technically speaking, it’s in their best interest economically speaking to start accumulating before the halving which is scheduled for April 2024. Netflows: In the first half of July we had muted outflows (still outflows) as price hovered in a tight range of 29k-31k. In the last week of July we saw noticeable inflows of BTC into spot exchanges. Interpreted as de-risking against resistance. This is not the type of on-chain I’d expect to see despite recent news of BTC ETF via BlackRock (which I think can be approved sometime this year). SOPR: The SOPR values hovering at 1 while price is range bound continues to depict the PvP (player vs player) nature of this market. There isn’t any new money coming in, technically we’re just passing it around. Values of 1 mean all Bitcoin on-chain are at break even in terms of PnL. NUPL: We never reached euphoria for BTC this bear market rally. I think the price level I’d feel euphoric at is between 34k-40k. This doesn’t give insights to actual direction but it’s a good measure of profit & loss + sentiment.