0/ In today’s Delphi Daily, China FUD Piles Up, Hash Rate Exodus, And Miners Selling.
Check out the full analysis below! 👇
delphidigital.io/reports/china-…
Check out the full analysis below! 👇
delphidigital.io/reports/china-…
1/ Quick Market Update-
🔹China continues to pile up FUD by reiterating that banks should not engage in business with Crypto OTC traders.
🔹 Miners turned into net sellers after weeks of accumulation.
🔹Hashrate concentration in the largest pools continues to drop.
🔹China continues to pile up FUD by reiterating that banks should not engage in business with Crypto OTC traders.
🔹 Miners turned into net sellers after weeks of accumulation.
🔹Hashrate concentration in the largest pools continues to drop.
2/ With China’s move against Bitcoin and a bloody start to the week, it looks like $BTC is on the path to retest a key level at $30,540.
Successfully defending this level would likely signal range-bound behavior between $30,000 and $40,000, and opens the door to an upside move.
Successfully defending this level would likely signal range-bound behavior between $30,000 and $40,000, and opens the door to an upside move.
3/ Since China started clamping down on Bitcoin mining, hash rate concentration in Chinese-based mining pools has been in a downward trend.
This is a short-term negative but in the mid to long term, this should be viewed as healthy for the Bitcoin network.
This is a short-term negative but in the mid to long term, this should be viewed as healthy for the Bitcoin network.
4/ Complementary to the hashrate exodus, miners as a whole are now net selling.
Miner’s Net Position refers to the 30d change of the supply held in miner addresses. Green shows accumulation and red indicate deposits into exchanges.
Miner’s Net Position refers to the 30d change of the supply held in miner addresses. Green shows accumulation and red indicate deposits into exchanges.
5/ In the last 7 days, there were 3 separate instances of >$1bn of open interest getting liquidated.
The top 3 contributing exchanges to this flush are primarily Chinese exchanges: @Bybit_officials, @HuobiGlobal and @OKEx.
The top 3 contributing exchanges to this flush are primarily Chinese exchanges: @Bybit_officials, @HuobiGlobal and @OKEx.
6/ Tweets of the day!
Chinese miners are shipping their mining rigs overseas. Can we expect hash rate recovery soon?
Chinese miners are shipping their mining rigs overseas. Can we expect hash rate recovery soon?
https://twitter.com/onlyyoontv/status/1406911193126785026
7/ #Ethereum miners have made $100m from integrating with Flashbots.
https://twitter.com/bertcmiller/status/1406976986027905027
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delphidigital.io/daily/
delphidigital.io/daily/
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