{"id":72054,"date":"2022-12-28T16:25:51","date_gmt":"2022-12-28T14:25:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72054"},"modified":"2025-09-08T12:38:28","modified_gmt":"2025-09-08T09:38:28","slug":"messari-notes-miners-capitulation-pressure-on-bitcoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/messari-notes-miners-capitulation-pressure-on-bitcoin\/","title":{"rendered":"Messari notes miners&#8217; capitulation pressure on Bitcoin"},"content":{"rendered":"<p>Public mining companies sold almost all Bitcoin mined in 2022, putting pressure on the price of the cryptocurrency. Messari senior analyst Tom Dunleavy pointed this out.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">BTC miners sell roughly 100% of the coins they mine<\/p>\n<p>The 10 public bitcoin miners<br \/>detailed here mined ~40.7k BTC and sold ~40.3k in 2022<\/p>\n<p>This is a persistent headwind for BTC and for no other reason a good thesis to be bullish the ETHBTC ratio trade <a href=\"https:\/\/t.co\/L1iI6Z07p7\">pic.twitter.com\/L1iI6Z07p7<\/a><\/p>\n<p>\u2014 Tom Dunleavy (@dunleavy89) <a href=\"https:\/\/twitter.com\/dunleavy89\/status\/1607495480677699585?ref_src=twsrc%5Etfw\">December 26, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to him, the 10 publicly traded on exchanges firms mined about 40,700 BTC since the start of the year and sold about 40,300 BTC.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThis is a persistent headwind for Bitcoin. For no reason is this a good thesis for a bullish stance on the ETH\/BTC pair,\u201d said the expert.<\/p>\n<\/blockquote>\n<p>In May, public mining companies first sold roughly 100% of the BTC mined, and in <a href=\"https:\/\/u1f987.com\/en\/news\/public-miners-liquidated-a-quarter-of-their-bitcoin-reserves-in-june\">June<\/a> they began liquidating accumulated reserves. The trend <a href=\"https:\/\/u1f987.com\/en\/news\/in-july-public-miners-continued-to-liquidate-bitcoin-reserves\">continued in July<\/a>, showing <a href=\"https:\/\/u1f987.com\/en\/news\/report-bitcoin-miners-halt-liquidation-of-cryptocurrency-reserves\">a pullback in August-September<\/a>.<\/p>\n<p>Among leading miners, only <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-digital-posts-record-615-btc-in-october\">Marathon Digital<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/hut-8-mining-raises-reserves-to-8925-btc\">Hut 8<\/a> confirmed their commitment to a digital-gold accumulation strategy. Investors noted the maintenance of large Bitcoin positions in Riot Blockchain and HIVE.<\/p>\n<p>Most commentators did not agree with Dunleavy&#8217;s conclusions, pointing to the small share of miners\u2019 sales compared with daily cryptocurrency trading volume.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBitcoin miners&#8217; annual revenue is $10 billion. The daily trading volume is $2.4 billion in a bull market. Seriously?\u201d wrote Compass Mining&#8217;s PR director William Foxley.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">there\u2019s $10 billion in revenue for Bitcoin miners per year<\/p>\n<p>Bitcoin daily trading volume is $2.4 billion during a bera.<\/p>\n<p>this your take fr?<\/p>\n<p>\u2014 Will Foxley \ud83e\udded (@wsfoxley) <a href=\"https:\/\/twitter.com\/wsfoxley\/status\/1607759179204415488?ref_src=twsrc%5Etfw\">December 27, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Dunleavy also cited a recent Hashrate Index study by Jaran Mellerud. According to the analyst, even miner liquidations of 300% of daily production do not exceed 0.63% of Bitcoin\u2019s spot market volume.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Abysmal small amount (< 0,3%) compared to daily spot trading volume. <a href=\"https:\/\/t.co\/wcohr31oFF\">pic.twitter.com\/wcohr31oFF<\/a><\/p>\n<p>\u2014 \ud83d\udc31 Ji @ crypto-cafe (YT)\ud83d\udc31 (@0xCryptoCafe) <a href=\"https:\/\/twitter.com\/0xCryptoCafe\/status\/1607787543210389508?ref_src=twsrc%5Etfw\">December 27, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>BlockTower Capital founder Ari Paul, for his part, supported Dunleavy.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAnd yet selling pressure even at $1 billion typically leads Bitcoin to lose more than $30 billion in market value. Don\u2019t be fooled by liquidity figures. It is very misleading in terms of market impact,\u201d he noted.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">And yet $1b of sell pressure routinely makes BTC lose $30b+ in market cap\u2026don\u2019t be fooled by the liquidity numbers. Very misleading in terms of market impact. Most of that liquidity vanishes at first hint of trend.<\/p>\n<p>\u2014 Ari Paul \u26d3\ufe0f (@AriDavidPaul) <a href=\"https:\/\/twitter.com\/AriDavidPaul\/status\/1607816785843163136?ref_src=twsrc%5Etfw\">December 27, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Users also noted that Dunleavy explicitly pointed to potential Ethereum advantages over Bitcoin. The expert likely meant the network\u2019s switch to the <a href=\"https:\/\/u1f987.com\/en\/news\/proof-of-stake-how-it-works-and-why-it-is-so-popular\">Proof-of-Stake<\/a> consensus mechanism as a result of<a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-activates-the-merge-blockchain-shifts-to-pos\">the Merge update<\/a> in September.<\/p>\n<p>Bitcoin has since fallen from $20,256 to $16,677 \u2014 roughly 17.6%. Ether (ETH) prices fell from $1,635 to $1,196, about 27% (<a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cMiner capitulation is a short-term phenomenon. 2022 does not provide a basis to forecast that it will be permanent. Moreover, selling distributes BTC more broadly among the community than PoS, which concentrates coins among the top holders\/validators,\u201d said former trader Dan Ripoll.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Miner capitulation is a short term phenomenon. You can\u2019t project 2022 forward and assume this will happen continuously. Plus, the selling distributes BTC more broadly among the community vs PoS which concentrates coins among the top holders\/validators.<\/p>\n<p>\u2014 Dan Ripoll (@danieleripoll) <a href=\"https:\/\/twitter.com\/danieleripoll\/status\/1607852668663496704?ref_src=twsrc%5Etfw\">December 27, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As a reminder, in November Hashprice hit historical lows at $0.056 per 1 TH\/s, while mining difficulty, by contrast, reached a record high of 36.95 trillion. Against this backdrop, Bitcoin miners\u2019 total revenue plunged 20% from the previous month\u2014to $473.2 million, according to <a href=\"https:\/\/u1f987.com\/en\/news\/november-in-numbers-the-ftx-collapse-outflows-from-centralized-exchanges-and-the-capitulation-of-bitcoin-miners\">ForkLog&#8217;s analytical report<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Public mining companies sold almost all Bitcoin mined in 2022, putting pressure on the price of the cryptocurrency. Messari senior analyst Tom Dunleavy pointed this out.<\/p>\n","protected":false},"author":1,"featured_media":72055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1468,1138],"class_list":["post-72054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-messari","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=72054"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72054\/revisions"}],"predecessor-version":[{"id":72056,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72054\/revisions\/72056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72055"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}