
Bitcoin miners wipe out entire 2022 balances in capitulation
On-chain data by Glassnode shows the balance on BTC miner wallets has dropped to January 2022 levels.
Read sharp crypto market analysis, expert breakdowns, and on-chain insights covering Bitcoin, Ethereum, altcoins, and macro trends.

Could this be the bottom of the current Bitcoin cycle? On-chain data suggests that may be the case.

Though around 3 million BTC flooded exchanges back in 2018's bear market, unprecedented amounts of BTC have left exchanges through the 2022 bear market.

Bitcoin's core developer team grows by 5-20 people monthly, according to NYDIG's research.

CryptoQuant founder Ki Young Ju noted that 65 BTC was transferred to HitBTC and called on the exchange to suspend the account.

Mining profitability wanes for older mining rig models as later 2022 models amp up mining difficulty to the extent that competition can't keep up.

Miners selling at the most aggressive rate over the last two years as the Bitcoin network set to adjust difficulty negatively for the next epoch.



