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Home»Bitcoin»Bitcoin: Miner Fees Fall as Bears Take This Next Step
Bitcoin

Bitcoin: Miner Fees Fall as Bears Take This Next Step

2024-01-23No Comments3 Mins Read
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  • The BTC correction had a financial impact on miners as fees collected decreased.
  • Institutions have strategically accumulated BTC amid market complexity.

Bitcoin [BTC] There has been a huge correction in recent days. The price of BTC fell past the $42,000 support level, creating FUD in the overall market.

Miners see red

The recent correction in BTC not only sent shockwaves among the holding community but also had a significant impact on Bitcoin miners.

Over the past 24 hours, BTC miners have faced financial pressure as transaction fees reached their lowest levels since June 2022.

This introduces a new layer of complexity as miners face the challenge of maintaining profitability amid declining compensation.

Bitcoin miners are feeling the pain of lower prices and fees.

They are currently extremely underpaid (the lowest since June 2022). pic.twitter.com/VxE170jCNP

— Julio Moreno (@jjcmoreno) January 22, 2024

The financial pressure on miners has broader implications for the BTC landscape.

The lower pay for miners can create selling pressure as miners are forced to navigate between maintaining profitability and managing their assets.

This miner-driven selling could potentially contribute to downward pressure on Bitcoin’s price, adding momentum to the ongoing market correction.

Institutional interest remains high

In contrast to the challenges faced by miners, institutional players have been strategically accumulating BTC.

Excluding Grayscale, Bitcoin ETF issuers have accumulated a significant amount of 86,320 BTC at an average price of $42,000, reflecting a substantial investment totaling $3.63 billion.

This strategic accumulation by institutions underlines a long-term perspective, indicating continued confidence in Bitcoin’s future value.

However, it also introduces more centralization of BTC, with potential short-term impacts on the BTC market.

Exclusive @Grayscaleall #Bitcoin ETF issuers have collectively acquired more than 86,320 ETF issuers $BTC at an average price of $42,000, representing a massive investment of $3.63 billion.

Do you think these seasoned institutions have really bought at the top? This level of institutional investment… pic.twitter.com/kwB2BIPZ8e

— Ali (@ali_charts) January 22, 2024

At the time of writing, Bitcoin was trading at $41,084.39, reflecting a decline of 1.27% in the past 24 hours.

See also  Is Bitcoin Forming A Double Bottom? What Needs To Happen

There was a reduction in the total number of addresses holding BTC, indicating a possible contraction in overall market participation.

Furthermore, the decrease in the difference between long and short indicated that there were more new addresses than the old ones, indicating a possible shift in market sentiment.


Read Bitcoin’s [BTC] Price forecast 2024-25


Amid these developments, a silver lining emerged with an increase in the number of daily active addresses on the Bitcoin network.

This increase in network activity acted as a counterbalance, providing a degree of stability and potentially mitigating the impact of other negative factors.


Source: Santiment



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Bears Bitcoin Fall Fees Miner step
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