On-chain metrics indicate Bitcoin miners’ influence on the price is diminishing

[Jentot]

On-chain metrics indicate Bitcoin miners’ influence on the price is diminishing

Research suggests that Bitcoin miners are holding less of the asset.

A new report by on-chain analytics provider CoinMetrics suggests that miners’ considerable influence on the Bitcoin network is slowly diminishing.

The research analyzed miner and pool addresses and spending in order to determine whether their influence over the network as a whole had changed over time. As miners receive newly issued Bitcoin rather than buy it, they are natural net sellers of the asset.

Measuring the net flows from two types of addresses associated with block rewards revealed that there has been a gradual reduction in miners’ effect on liquidity

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