Jaran Mellerud of Hashrate Index recently released a ‘comprehensive analysis’ on the thesis that a Bitcoin miner capitulation could put massive selling pressure on the market, causing a crash. The topic has been a recurring part of the discussion in recent weeks as to whether the BTC bear market could be prolonged by the tight mining industry.
Charles Edwards of Capriole Investments stated two weeks ago that miner capitulation has begun, as indicated by hash ribbons. Investment giant VanEck also recently published an analysis that the bear market could extend into the second quarter of 2023 due to miner capitulation. The company predicted that BTC could bottom at $10,000 to $12,000 in Q1 2023.
Mellerud counters this assumption by saying that the miners’ total BTC holdings are not significant enough to move the spot market.
Are Bitcoin Miners Not As Powerful As Believed?
The Hashrate Index analyst writes that all miners must collectively own a significant portion of the circulat
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