Bitcoin Miners Capitulation Keeps BTC Price Capped Despite Strong Equities Momentum-web3.0-php.cn

Bitcoin Miners Capitulation Keeps BTC Price Capped Despite Strong Equities Momentum

Jun 15, 2024 am 10:12 AM

The post-FOMC state of the market reveals the current struggle of Bitcoin miners, who are massively capitulating and closing their positions.

Bitcoin Miners Capitulation Keeps BTC Price Capped Despite Strong Equities Momentum

Bitcoin miners are currently facing difficulties, evident in their massive capitulation and closure of positions. This tendency could serve as shock therapy for the market, highlighting underlying issues that are affecting Bitcoin's recovery.

Despite equities showing strong momentum, BTC is failing to gather any upward momentum. The key reason for divergence can be attributed to post-halving capitulation by BTC miners, which is essentially capping the price at this level. Increasing the costs of operations and lower reward structures result in massive sell-offs by BTC miners, laying on bearish pressure and not allowing BTC to catch up with good signals on the broader financial markets.

This is further worsened by the extent that Flowbank, a bank featuring a tri-party agreement with Binance, is in bankruptcy proceedings. Generally speaking, this development complicates market dynamics for Bitcoin even more.

We are in for basically a quiet summer, with no clear catalyst to drive the market either way and a lower volatility environment. Gary Gensler of the SEC has given a signal that a spot ETH ETF might get approved toward the end of the summer, but that would not be an immediate catalyst for BTC. The market is just in a holding pattern, waiting for significant news or events to guide it.

This makes it a strategic window for Ethereum, or ETH, traders. With ETH volatility at a 10 vol premium to BTC and the spread likely shrinking on ETH overwriters returning and anticipating ETH spot ETF approval, this quiet summer may be a good time to be involved in accumulation trades for ETH and a strategic redistribution of risks, to avoid complications in periods of high volatility

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-miners-capitulation-btc-price-capped-strong-equities-momentum.html

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