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Whales Scoop up 550M XRP as Retail Dumps, Fueling Speculation of Retail Shakeout 

Sam Wisdom Raphael
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Whales Scoop up 550M XRP as Retail Dumps, Fueling Speculation of Retail Shakeout 

XRP whales have procured a whopping 550 million XRP in two weeks as smaller addresses sell off their bags, fueling speculation of a retail shakeout.

Amid the market downturn, XRP is witnessing mixed sentiments across different tiers of investors. The behavior exhibited by these addresses has compounded speculation around a retail shakeout by institutions.

Retail Investors Distribute 8M XRP

XRP Liquidity, a community-based account tracking Ripple’s ODL operations and XRPL wallet activity, is at the forefront of this speculation. Citing data from Rich-List.info, the account recently revealed plans to prove the trend of institutional buyups and retail dumps.

In a disclosure on May 16, the account showed that investors holding between 20 and 10,000 XRP had a cumulative balance of 2.274 billion XRP. 

However, the latest data sourced by Rich List confirms that this balance has reduced to 2.266 billion tokens. This indicates that these wallets have distributed over 8 million XRP since May.

Addresses Holding 20 to 10K XRP
Addresses Holding 20 to 10K XRP | Rich List

The ongoing distribution campaign comes at a time when XRP’s price has collapsed 15.3%.XRP Liquidity further suggested that addresses holding 20 to 100,000 XRP distributed 98.36 million tokens from January to May. 

Whales Procure 550M XRP

Meanwhile, in a contrasting trend, whale addresses, specifically those holding between 100 million to 500 million XRP, have been on a massive accumulation spree despite the market challenges.

At the time of the May 16 disclosure, these addresses held 11.376 billion XRP. However, the latest data reveals these addresses now boast a balance of 11.579 billion tokens. This figure reveals that these wallets procured about 203 million XRP in six weeks. 

In addition, wallets holding between 1 million and 20 million XRP have accumulated 347 million XRP over the last six weeks. Cumulatively, investors holding 10 million to 20 million and the ones with 100 million to 500 million have amassed 550 million XRP since May 16. 

Whale XRP Addresses
Whale XRP Addresses | Rich List

A Bullish Trend

With this purchase spree among whales coming at a time when smaller addresses have sold off over 8 million XRP, the suggestion that institutions might be shaking out retail investors has taken center stage. While this remains speculative, such a trend can be bullish for the market, as it indicates conviction among large investors.

For instance, in a recent report, CryptoQuant confirmed that the recent Bitcoin (BTC) drop had triggered selloffs among less convicted addresses. These addresses, holding between 3 to 6 months, sold off $2.4 billion. However, the trend is bullish, as it ensures the shakeout of less convicted investors, leaving the market healthy.

The same pattern is observed in the XRP market. Nonetheless, this does not only affect retail investors as data shows large investors are also capitulating at a higher pace. Wallets holding 20 million to 100 million XRP have distributed 169 million since May 16. 

Interestingly, large whales with 500 million to 1 billion XRP have distributed the most tokens. These investors have moved out 1.23 billion XRP in six weeks. Meanwhile, XRP’s price has stabilized at the $0.43 level. It is currently trading for $0.4388 amid a 0.85% gain this morning. XRP is up 4.66% in the last three days.

Cardano To Hit $4, and XRP $5 if Ethereum Reaches $8,000: Expert

Lele Jima
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Cardano To Hit $4, and XRP $5 if Ethereum Reaches $8,000: Expert

Altcoin Moe projects that Cardano and XRP could surpass their previous all-time high records if Ethereum reaches a target of $8,000 in this bull season. 

The relief rally across the broader crypto market has reignited investors’ hopes of an imminent bull run. Currently, the global crypto market cap, led by Bitcoin (BTC) and Ethereum (ETH), is up 2.24% in 24 hours to $2.17 trillion. 

Given the slight relief rally in the market, some experts have updated their price forecasts for top crypto assets, like ETH, Cardano (ADA), and XRP (XRP). 

Ethereum’s $8,000 Target 

Altcoin Moe, a pseudonymous crypto expert with a trading history dating back to 2014, is among those who recently updated their price targets for the bull run. 

Altcoin Moe set their realistic price target for BTC and ETH at $115,000 and $8,000, respectively. The expert projects that the two leading assets by market cap could hit the targets in this season’s bull run. 

While the $115,000 prediction for BTC seems new, other entities had set a similar $8,000 price target for ETH. In particular, Standard Chartered researcher Geoff Kendrick forecasted that ETH might trade at $8,000 by the end of this year. 

Since Bitcoin and Ethereum price actions significantly impact altcoins’ performance, Moe projected that XRP and ADA would also witness significant rallies in the upcoming bull run. 

XRP to Hit $5 

Last month, Moe projected that XRP would rally 600% to $3.3 in the bull season. However, in the updated prediction, the veteran trader set XRP’s price target for the bull run at $5. Reaching this target from the current price of $0.4392 requires a 1,038% surge. 

Moreover, the $5 target represents a 30.2% increase from XRP’s previous all-time high of $3.84, registered on January 4, 2018. Besides Moe, other top crypto experts, such as World of Charts and Ash Crypto, believe that XRP could surge to $5 in this bull season. 

Moe Sets $4 Target for Cardano 

Furthermore, the trader suggested Cardano could be worth $4 per token if ETH hits the coveted target of $8,000. It bears mentioning that Cardano must surge 937.88% from the current price of $0.3854 to reach the $4 target, eventually setting a new ATH. 

This also reflects a 29.03% increase from the previous ATH record set on September 2, 2021. While Moe believes Cardano could trade at the $4 target this bull season, analysts from Changelly do not expect the coin to hit the target before June 2030, approximately six years from now.  

Meanwhile, XRP and Cardano’s correlation with ETH is insufficient to propel their prices to $5 and $4, respectively. Both assets also require other major updates that could potentially pave the way for such rallies. 

For instance, a favorable ruling for Ripple in the SEC lawsuit could serve as a major catalyst for an increase in the price of XRP. Also, the upcoming Cardano’s Chang Hard Fork could play a similar role for ADA. 

This Token Up 88% as Coinbase Adds It to Its Roadmap

Albert Brown
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This Token Up 88% as Coinbase Adds It to Its Roadmap

Coinbase Global Inc. adds Stader (SD) to its roadmap, a significant milestone that underscores the maturity of the Stader Labs’ governance token. 

Crypto exchange Coinbase today confirms the addition of the Stader (SD) digital currency to its roadmap through the official X page. By formally adding SD, Coinbase recognizes the pivotal input the ERC-20 token has towards Ethereum (ETH) decentralization and Stader protocol.

 

Coinbase Vote of Confidence on SD

The bullish update coincides with the surge in SD price, lifting the liquid staking governance token among the largest digital asset gainers. Bulls are in control as SD rallies 88% in 24 hours to exchange hands at $0.7539. At press time, CoinGecko data shows the same uptrend applies to its market capitalization, now worth $33.26 million from a circulating supply of 41 million.  

As America’s largest crypto exchange, Coinbase conforms to a strict listing policy for all digital currencies. The exchange reiterates that listing tokens on its roadmap hinges on the initiative’s technical, legal, and compliance standards. 

SD debut on the Coinbase roadmap and for possible future listing affirms the Stader governance token maturity in its bid to further ETH decentralization within the SD Utility Pool. However, Coinbase cautions that the addition of a token to its roadmap does not guarantee future listing.

SD Rejuvenation Path

The SD token taps the roadmap update with its trading volume 186.30% up in the past 24 hours to $5,976,529, signaling an accelerated rise in market activity. SD’s emergence traces to the onset of 2022, with the token setting an all-time high (ATH) of $30.17 in March. However, SD lost the appeal as its value plunged to a low of $0.2368 in October. 

Market data confirms the Stader struggles with five days of flat price action trailing today’s bullish jump. Despite SD price comparatively 97.28% below its ATH, today’s rally positions it on a rejuvenation path of 18.8% gain in the past 30 days. 

CoinGecko indicates that SD’s 28.60% price increase in the past seven days outperforms the global crypto market, down 2.60%. Consequently, the Coinbase roadmap update is a potential shift in SD’s accessibility to investors served by the US exchange and a potential catalyst for further price action. 

Whale Moves 9 Trillion PEPE Tokens to Bybit as PEPE Rises 9%

Mark Brennan
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Whale Moves 9 Trillion PEPE Tokens to Bybit as PEPE Rises 9%

Whale Alert reports a 9 trillion PEPE transfer worth $82 million from an unknown wallet to Bybit amid a 9.7% price increase posted by PEPE this week.

On July 10, 2024, Whale Alert reported a major transfer involving the meme coin Pepe (PEPE). At 04:06:35 UTC, a transfer of 9 trillion PEPE tokens valued at approximately $82,170,000 occurred from an unknown wallet to the crypto exchange Bybit.

 

This whale activity comes when PEPE is trading at $0.000009287 today, with a 24-hour trading volume of $1,040,323,325. 

Details of the Addresses Involved

The sender’s address, identified as 0x88a14933…23e323ade3, shows high activity with frequent transactions. Currently, the address has an ETH balance of 100.22 ETH, valued at $311,399. The address also holds tokens worth $275,325,480 across 29 different tokens. 

This address has recently made several high-value ETH transfers to Bybit’s hot wallet, including transfers of 2,900 ETH, 8,000 ETH, 10,000 ETH, and multiple 9,000 ETH transactions.

The sender actively transfers various tokens, such as Fetch.ai (FET), Pepe (PEPE), and Ondo Finance (ONDO), indicating diversified trading activities. The high frequency of transactions suggests active management and possible liquidity management strategies.

The receiver’s address, associated with Bybit’s hot wallet, holds a substantial ETH balance of 57,172.30 ETH, valued at $177,599,712.70. This wallet also contains over 201 different tokens valued at more than $429,964,262.83. 

The recent transaction has sparked speculation of a selloff, but data suggests it could also involve an internal movement by Bybit. Notably, the transfer comes at a time when PEPE’s price has stabilized at the $0.00000917 value. The frog-themed meme coin has increased by 9.7% over since Monday this week, riding on the mild recovery push in the market.

Pepe Ownership Distribution and Market Trends

It is crucial to note that data from IntoTheBlock reveals significant PEPE holdings concentration among whales on the Ethereum blockchain. Whales hold substantial portions, with the largest holder having 22.37% of the total supply.

In contrast, investors have more distributed holdings, with the largest investor holding less than 1%. Historical data shows that spikes in large transaction volumes often correlate with price increases. 

Whale Moves 9 Trillion PEPE
PEPE Ownership Distribution | IntoTheBlock

For instance, significant price rises followed transaction volume spikes in May 2023 and March 2024. High transaction volumes typically indicate major buying or selling activities by large holders or institutional investors.

In a related event, Lookonchain reported a mysterious whale booking nearly $650,000 profit in PEPE as the price surged. This whale deposited 3.94 trillion PEPE, worth $7 million, to a Binance-associated wallet. The whale acquired 1.93 trillion PEPE on June 27 and 2 trillion PEPE on July 5, totaling 3.94 trillion PEPE. 

Cardano Founder Applauds Launch of RFLXT’s Chronoshot on Epic Games

Zabi
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Cardano Founder Applauds Launch of RFLXT’s Chronoshot on Epic Games

Cardano founder Charles Hoskinson celebrates the launch of RFLXT’s Chronoshot on Epic Games, enhancing interoperability and gaming experiences.

Cardano founder Charles Hoskinson announced a major milestone on X, revealing that RFLXT’s latest game, Chronoshot, is now available for wishlisting on Epic Games. Hoskinson, expressing his excitement, noted the significance of bringing Cardano-based games to a mainstream platform like Epic Games.

 

RFLXT, Hoskinson’s gaming company, has introduced Chronoshot as its first title to utilize the RFLXT platform, integrating features like Digital Doubles. The announcement highlighted that Chronoshot joins other games like Chains of War and Fluxpoint Studio on Epic Games. Chronoshot offers diverse stages, special abilities, weapons, and characters, marking a significant expansion in RFLXT’s gaming portfolio.

Embracing Early Access and Interoperability

Notably, Chronoshot is launching in early access to maximize player engagement. RFLXT’s decision to go directly to open beta/early access instead of a closed beta aligns with its aim to build in public. Early access includes two single-player modes, Time Attack and Survival, with leaderboards and limited character availability. RFLXT plans to introduce multiplayer modes soon after the early access launch.

The interoperability design allows players to create RFLXT accounts on Epic, enabling crossplay and access to RFLXT features. Players participating in the early access will receive special NFTs as a token of appreciation. RFLXT accounts will support dynamic NFTs, enhancing characters in Chronoshot without providing competitive advantages.

Integration with Cardano and Other Platforms

Hoskinson’s ventures into gaming continue with RFLXT’s earlier release, Voyager: Ascension, on Gala Games. Despite Cardano’s blockchain focus, RFLXT targets multiple chains and platforms, aiming for broad accessibility. 

 

Additionally, Hoskinson announced plans to bring the classic game Doom to Cardano’s layer-2 solution, Hydra, showcasing his dedication to merging blockchain technology with gaming.

It is important to note that RFLXT’s strategy involves gradual data wipes during early access to refine game elements, rewarding active players with in-game items for their contributions. Chronoshot will reportedly remain free, with cosmetic items available for purchase post-launch. 

Shiba Inu Set to Rocket 100x to $0.0016 if SEC Greenlights Ethereum ETFs

Lele Jima
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Shiba Inu Set to Rocket 100x to $0.0016 if SEC Greenlights Ethereum ETFs

Popular crypto price tracker Coinpedia Markets speculates that Shiba Inu (SHIB) could witness an astronomical rally after the U.S. SEC approves Ethereum (ETH) spot exchange-traded funds (ETFs). 

The analytics platform issued the forecast in an X post yesterday, speculating that SHIB’s price could surge between 10x and 100x following the approval of Ethereum spot ETFs. 

This suggests that SHIB could trade at $0.000167 per token if it surges 10x from its current price of $0.00001679. Similarly, a 100x rally would put the token’s price at $0.001679.

In addition to Shiba Inu, Coinpedia Markets forecasts that nine other altcoins could experience similar price rallies once Ethereum ETF goes live in the United States. 

The altcoins include Pepe (PEPE), Ethereum Name Service (ENS), Bonk (BONK), Toncoin (TON), Render (RNDR), Ondo (ONDO), Turbo (TURBO), BabyDogeCoin (BABYDOGE), and Byte (BYTE).

Potential Impact of Ethereum ETF Approval 

There are speculations regarding the upcoming approval of Ethereum ETFs and their potential impact on crypto prices. Some experts projected that ETH’s price could spike significantly from anticipated ETF inflows. 

Additionally, they suggested that other Ethereum-based tokens, such as SHIB, could also witness substantial gains due to their correlation to ETH. 

Data from IntoTheBlock shows that Shiba Inu boasts a 30-day correlation of 73% with ETH. This indicates that ETH’s price action significantly impacts Shiba Inu’s performance. Hence, a major ETH rally, driven by the approval of Ethereum ETFs, could translate to a similar increase in SHIB’s price.

Shiba Inu To $0.0001679 and $0.001679

Previous predicted timelines suggest that Shiba Inu can rise to $0.00016 by 2028 and $0.0016 by 2040.

When Spot Ethereum ETF? 

Meanwhile, it has been nearly two months since the SEC approved the exchange filings relating to eight Ethereum spot ETFs. As reported earlier, the SEC approved the 19b-4 documents on May 23 without giving its decision on the S-1 applications submitted by prospective issuers. 

All prospective issuers have submitted their amended S-1 applications, with VanEck and 21Shares filing theirs earlier this week. The prospective issuers are awaiting the SEC’s decision that could potentially determine when these ETFs would officially commence trading in the United States. 

There is still no exact date on when the SEC might approve these funds. However, some experts are confident that the SEC could give the green light before the end of this month. 

Shiba Inu Rises, Decouples from Market as Whales Amass 6T+ SHIB

Sam Wisdom Raphael
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Shiba Inu Rises, Decouples from Market as Whales Amass 6T+ SHIB

Santiment reveals Shiba Inu has decoupled from the altcoin market with a mild 5% rise over the last 48 hours, as whales accumulate 6.57 trillion SHIB in one month.

The crypto behavior analytics platform disclosed this bullish development in a recent report on X. Notably, the broader crypto market downtrend has persisted since June, with prices hitting multi-month lows. Shiba Inu has not escaped the onslaught, currently down 43% from the $0.00002945 high on May 29. 

Shiba Inu on a Mild Recovery Course

However, as the selling pressure reduced, prices have started stabilizing, with Shiba Inu benefiting from the mild newfound recovery push. So far, Shiba Inu has recovered 33% from its floor of $0.00001266 on July 5. 

SHIB Daily Chart
SHIB Daily Chart

Santiment confirmed that this was partly due to its recent decoupling from the rest of the altcoin market over the weekend. Shiba Inu posted a massive 16.15% intraday increase last Saturday, marking its largest daily gain in four months. The last time SHIB saw a day as bullish as this was on March 4, when it spiked 59.46%.

Following the 16.15% intraday rise on July 6, SHIB saw a subsequent 10% drop on Sunday. However, it maintained its gains above the earlier lows, starting the new week with two consecutive intraday gains. At the time of its disclosure, Santiment stressed that Shiba Inu had gained 5% over a 48-hour period.

Whales Amass 6T+ SHIB in a Month

Besides the impressive rebound, Shiba Inu has also recorded bullish accumulation patterns over the past month. According to Santiment, the 150 largest non-exchange addresses have procured 6.57 trillion SHIB since June. This accumulation spree has brought their cumulative balance to 562.84 trillion.

Conversely, exchanges have seen a reduction in their Shiba Inu reserves in the past month. Notably, the 150 largest exchange addresses have lost 5.53 trillion SHIB since June. This string of withdrawals has taken their balance to a low of 187.1 trillion SHIB.

Data from CryptoQuant confirms this trend of exchange withdrawals. The Exchange Netflow metric shows that exchanges have witnessed 24 days of net outflows over the past 31 days. Within these 24 days, exchanges have recorded net outflows totaling a whopping 8.779 trillion SHIB tokens. 

Shiba Inu Exchange Netflow CryptoQuant
Shiba Inu Exchange Netflow | CryptoQuant

As a result of the sustained outflows, SHIB exchange reserve has dropped to 143.948 trillion tokens, the lowest ever recorded in Shiba Inu’s history. Historical data indicates that each time SHIB records a drastic drop in exchange reserves, a price surge follows. The last time this pattern occurred was in February, before the pivotal 370% rally.

Shiba Inu Exchange Reserve CryptoQuant
Shiba Inu Exchange Reserve | CryptoQuant

Meanwhile, Shiba Inu currently changes hands at $0.00001681, up 2.3% this morning. Recently, market analyst Javon Marks argued that SHIB was on the verge of a pivotal rally. He set a target of $0.000081 to $0.0001553, noting that SHIB has held above a crucial resisting trendline.

XRP Path to $17 with Bent Fork, 3,763% Surge Impending: Market Watcher

Abdulkarim Abdulwahab
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XRP Path to $17 with Bent Fork, 3,763% Surge Impending: Market Watcher

EGRAG, a well-known pundit in the XRP community, has outlined how XRP could cart its way to $17 in the coming months, pinpointing crucial indicators that would confirm the audacious outlook.

In a recent post on X, EGRAG updated one of the lineups of his prediction posts about XRP dubbed “The Bent Fork.” He created this series in June 2023, proposing a $15 target as the ultimate threshold for XRP based on the analysis, though he has since revised the value to $17.

In his latest commentary, the analyst spotlighted five factors that could indicate the journey to $17 has commenced. 

Indicators to Confirm Road to $17

First, EGRAG stressed the significance of XRP reclaiming the $0.4 region. Notably, XRP first breached below the $0.4 channel on July 5 but has mildly regained its footing. In the last 24 hours, XRP came dangerously close to relapsing to $0.39 again, setting an intraday low of $0.4047. However, XRP trades at $0.44, posting a 2% gain today.

Amid this mini recovery, EGRAG noted that the $0.75 threshold is the gatekeeper to confirm the initial phases of XRP’s bull surge. Specifically, the analyst stated that XRP conveniently closing above $0.75 would set the crucial path to reclaim for a new all-time high.

Notably, XRP abruptly surged by 20% in mid-March to attain $0.74 amid the broader buoyant market in Q1. Remarkably, XRP’s uptrend on that day was solitary and widely praised, attracting even a bullish sentiment from Ripple’s CEO Brad Garlinghouse.

To the dismay of many, the rally was short-lived; XRP commenced a downtrend from which it has yet to recover fully. 

With $0.75 being EGRAG’s requirement to confirm the trajectory to an ATH, XRP is now confronted with a formidable 70% bullish rally.

XRP Breaking $3.5 Sets the Stage for 3,763% to $17

Meanwhile, he observed that the $1 mark is acting as both a structural barrier and a psychological obstacle to the expected rise. Once surpassed, the next significant level is $1.8, which the analyst referred to as an equilibrium point.

Should XRP meet these criteria, EGRAG suggested that the XRP Army might anticipate a dramatic surge, potentially driving XRP by 3,763% to $17.

One last key indicator would be XRP surpassing its six-year-old all-time high, positioning the asset for more triumphant success. In EGRAG’s words, breaking $3.5 “could open the gates to Valhalla.”

Here are Cardano Prices if ADA Repeats 5,960% or 16,620% Rally in 2018 and 2021

Sam Wisdom Raphael
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Here are Cardano Prices if ADA Repeats 5,960% or 16,620% Rally in 2018 and 2021

Cardano (ADA) could record astronomical surges to higher prices if it reclaims the 5,960% rally in 2018 or the 16,620% rally in 2021. 

The market is currently in an indecisive phase following the recent turbulence which dropped prices to shocking levels. Interestingly, Cardano has so far displayed greater resilience against the downtrend than most assets.

ADA’s Rollercoaster Ride

For instance, Bitcoin (BTC) is down 7.84% in July, while Ethereum (ETH) has collapsed by a massive 10.94%. In addition, BNB is currently witnessing an 11.11% drop within the same timeframe. Meanwhile, Cardano is only down 3.70% during this period after posting a more substantial 12.21% loss in June.

ADA’s lower drop rate is due to the impressive performance it recorded over the past two days. The token saw an intraday 6.49% increase on July 8, the largest in nearly two months. The gains extended to July 9, with a subsequent intraday rise.

Despite this, Cardano is still down 53% from its yearly peak of $0.8104, attained in March. However, optimism remains high, evidenced by the bullish price projections. IntoTheBlock on July 6 suggested that ADA could increase by 130% following the Chang hard fork. Meanwhile, analyst FieryTrading sets a $24 target for ADA in this bull run. 

Cardano Price if It Repeats History

Some market watchers have pointed to Cardano’s historical performances. Some expect a repeat of these historical upsurges. Amid these projections, The Crypto Basic recently assessed how much ADA would be worth if it actually repeated these performances to their full extent, especially the 2018 rally and the 2021 upsurge.

For instance, Cardano changed hands at $0.0217 as of October 2017, shortly after it began trading. However, it spiked to a peak of $1.3151 in January 2018, marking a 5,960% increase. If ADA repeats this 5,960% increase from the current $0.3799 price, it will spike to a massive $23.02 value.

Cardano 2018 Rally
Cardano 2018 Rally

In addition, Cardano experienced a more substantial price rally during the 2021 bull run. Notably, the asset had collapsed 98% from the $1.3151 high to $0.01854 in March 2020. However, following this price slump, ADA recovered in a 16,620% spike to the $3.1 all-time high in September 2021.

Cardano 2021 Rally
Cardano 2021 Rally

Multiple analysts have referenced this impressive performance in an attempt to point out Cardano’s potential. If this upsurge materialized again, ADA’s price could pump from $0.3799 to $63.5. At this price, Cardano would feature a $2.77 trillion market cap, making such a rally highly improbable.

Sharp Drop in This Indicator Hints at Bitcoin Bull Rally in Q3 2024: CryptoQuant

Zabi
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Sharp Drop in This Indicator Hints at Bitcoin Bull Rally in Q3 2024: CryptoQuant

CryptoQuant’s Puell Multiple indicates a potential end to the ongoin Bitcoin correction, suggesting a new bull rally may start in Q3 2024.

Recent data from CryptoQuant’s on-chain analytics suggests that Bitcoin is approaching a pivotal moment within its bull cycle. A key indicator, the Puell Multiple, has shown a significant drop, reminiscent of previous bull cycles. 

 

According to the author of the report, Crypto Dan, this decrease in miner profitability could herald the end of a correction period and the start of a new bull rally in the third quarter of 2024.

The Indicator Has Fallen Again Sharply

The Puell Multiple is an indicator calculated by dividing the daily issuance value of Bitcoins (in USD) by the 365-day moving average of this value. Historically, it helps pinpoint periods when Bitcoin is either overbought or oversold. 

Notably, in 2016 and 2020, significant drops in the Puell Multiple were followed by robust surges in Bitcoin’s price. Currently, in 2024, the indicator has again fallen sharply, suggesting a similar potential upward trend.

Historical Miner Data Trends

IntoTheBlock’s miner data provides additional context to these movements. The Miner Inflows and Outflows charts show distinct patterns corresponding to major market events.

For instance, during the bull runs of 2013 and 2017, both inflows and outflows spiked, indicating increased mining activity and subsequent selling. Similarly, 2020-2021 saw substantial inflows and outflows aligned with the bull market.

In 2023 to 2024, recent peaks in miner inflows and outflows have been followed by declines. This pattern suggests a reduction in mining profitability or a market correction phase. 

In a May report, CryptoQuant’s CEO Ki Young Ju highlighted a significant revenue decline for Bitcoin miners, returning to early 2023 levels. This shift follows the recent halving event, reducing miners’ earnings amid stagnant Bitcoin prices. 

Despite this, miners had not capitulated, choosing to hold onto their holdings in anticipation of future price increases. At the time, the Puell Multiple mirrored early 2023 revenue levels, underscoring the downturn in miner income. 

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