Bitcoin Miners Adapt to Price Decline: No Capitulation in Sight Despite Bitcoin's recent price dip following ETF approval,
miner capitulation remains elusive, says CryptoQuant analyst Yonsei Dent.
Dent's analysis of the
Hash Ribbon metric reveals no
death cross, indicating miners are not yet scaling back operations due to low profitability.
Additionally, BTC's
Miner's Position Index (MPI) suggests that we're not seeing the same level of miner selling as in previous bear markets.
While miners have indeed sold some BTC, this could be a strategic move ahead of future halving events rather than a sign of panic.
Data shows a slight decline in BTC Miner Reserve, potentially signaling increased sell-offs by network miners.
In the face of adversity, Bitcoin miners are showing resilience and strategic thinking, adapting to market conditions with an eye on long-term sustainability.
