CoinLupin
Do miners see it as an opportunity to write off?
Puell Multiple means the average profitability of miners per year. A value of 1 or less means that the miners are earning less than average. Puell Multiple's upward trend may also be an opportunity for miners to mine harder (increasing profitability). Increasing mining trends among miners often lead to higher bitcoin prices. (Hashrate, increased mining difficulty) For them, however, Puell Multiple 1.0 can serve as a psychological resistance. (It's like traders are selling at the resistance.) Also, MacroMicro data shows that miners have suffered near or below the break-even point for a long time, and have been under debt pressure due to interest rate hikes. In other words, they now need liquid cash, not bitcoin. Now they have improved profitability for the first time in a while, and mining costs are lower than bitcoin prices. Normally, more active mining and holding could occur, but now they seem to see it as an opportunity to secure cash. In fact, miners' reseves are declining at a rapid. One day price adjustment could happen in the section where they get enough cash and start collecting bitcoins again. They constantly reduce their bitcoin holdings during the rise. And you save bitcoin when you have some cash (or reinvestment in the mining machine) and you expect to see a bitcoins are saved. Quite the opposite of market participants. The current macroeconomic situation, in particular, could force miners to sell. Of course, I'm not saying that prices are going to go down right away! This means that you need to continue to follow up the above data in the future.