Bitcoin volumes reach 5-year lowBitcoin volumes are at historic lows. Interest in trading the top crypto has markedly dropped, and volatility has also tapered off.Per data from Glassnode, the total amount of coins transferred to and from exchange addresses has come to a grinding halt.In other words, both inflows and outflows have stagnated alongside the bitcoin price. This could be related with various economic re-openings across the globe after over a year of lockdowns.BTC Miner Revenues Tick HigherOftentimes, the hashrate difficulty ribbon is used to buttress arguments for a particular bias in price action. Hashrate inversions are historically bullish events, but due to the large miner operational cost perpetrated by Chinese authorities, miners might need to off-load more treasuries \u2014 though this has a diminishing effect after every halving cycle. Until now, the market has absorbed selling pressures, and bitcoin exchanges hands above $34,000 within the same old range.But there is no dark without light. The counter-weight to this event is significant (albeit temporary) jolt in revenues for the remaining 50% of operational miners.When Bitcoin traded between the $50k to $60k range in April, hashrate was at its zenith, and aggregate miner incomes reached $50mn to $60mn each day. While prices have since declined by 54%, the miners who remain operational have just witnessed up to 50% of their competition switch off in the short term.Consequently, the daily aggregate revenue is now around $25mn to $30mn per day. However, these revenues are split among a smaller group of miners, all the while bitcoin\u2019s daily issuance has remained constant.Naturally, this state of affairs is temporary, and all else being equal, miner revenues will taper in the next couple of weeks, pending wider market recovery.Since the technical situation remains unchanged, check out Monday\u2019s newsletter for a technical round-up.Catch you next time.Join the\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Bitcoin volumes reach 5-year lowBitcoin volumes are at historic lows. Interest in trading the top crypto has markedly dropped, and volatility has also tapered off.Per data [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/4896"}],"collection":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/comments?post=4896"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/4896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/media?parent=4896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/categories?post=4896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/tags?post=4896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}