Bitcoin pricing is weakly correlated with mass sales by cryptocurrency miners, consider Coin Metrics
Bitcoin is not much dependent on the actions of cryptocurrency miners. At least to this conclusion, specialists of the Coin Metrics resource (CM) came.
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According to the published report, between Bitcoin's price and miners cash flows, though there is a correlation, but it is extremely insignificant.
It can be seen on the diagram below, where analysts compare the influx of miners money on the exchange and the Bitcoin rate.
On the other hand, miners often carry out over-the-counter transactions (OTC), avoiding tracking cash flows. Also, the diagram does not include data from large American stock exchanges, like coinbase. Thus, the company notes, this study still does not give a complete picture.
In search of rich miners
According to the results of the study, Huobi and Binance enjoy the greatest popularity of miners. According to CM, this is due to the strong position of the stock exchange in Asian markets, where most miners are based. Moreover, both exchanges hold their own mining pools, which is even more attracted by miners.
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According to Coin Metrics, Karim Helmi's data analytics, 5.5% of the exchange earnings in Bitcoin will come to the share of miners.
However, the head of the cryptoanalytic service Cryptoquant Ki Yen Zhu believes otherwise. According to him, some miners have their own wallets other than wallets for mining. Such diversification may mean that exchange receipts from miners constitute much more than 5.5%.
Thus, who exactly is behind the last correction of Bitcoin, is still unknown. We will remind, earlier, the aggressive drawdown of Bitcoin to the area of $ 45,000 provoked a panic and the elimination of cryptocurrency positions in the amount of more than $ 5.6 billion.
The price of bitcoin in the BTC / USDT pair at the time of writing the material is $ 50 140.
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