Bitcoin miners combined $28 billion market cap potentially undervalued compared to BTC trading volumes Insights BitcoinDerivativesMining
Bitcoin miners combined $28 billion market cap potentially undervalued compared to BTC trading volumes
Bitcoin's daily trading surpasses miners' total market cap.
Bitcoin’s daily trading volume is regularly surpassing the total market capitalization of public Bitcoin mining companies, amid concerns public miners are overvalued.
On Oct. 21, Bitcoin recorded $37 billion in spot trading volume, maintaining a trend between $20 billion and $40 billion throughout 2024.ย Bitcoin derivative’s open interest has also reached anย all-time highย of around $40 billion, with nearly double that in trading volume, according to data fromย Coinglass.
Despite opinions that mining stocks are overvalued from a fundamental perspective, market forces suggest these valuations may increase further, as noted by D.R. Lewis. Heย notes the entire public Bitcoin mining sector holds a market capitalization of approximately $28 billion. These companies collectively produce close to 30% of Bitcoin’s supply at scale.
The daily transactional volume on Bitcoin exchanges exceeding the total market cap of miners highlights a significant disparity in the Bitcoin miner market.
Analyst 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Latest Insights
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.