Recent data indicates that Bitcoin miners’ share in the market has reached record lows, coinciding with significant price increases of BTC, which surpassed $100,000.
Dynamic of Miners’ Share
Bitcoin miners’ share of total on-chain volume has dropped to 3.3%, the lowest level since November 2022. This decline occurs while Bitcoin hits new price records. According to AltCryptoGems, "The percentage of on-chain volume belonging to Bitcoin miners is at multi-year lows."
Signals of a New Market Cycle
The decline in miners' share indicates a significant shift in market structure. Previously, miners accounted for over 30% of total volume during key historical cycles. Now, their diminishing influence suggests a growing interest from institutional and retail investors, potentially signaling the onset of a new phase in Bitcoin's cycle.
Future of Bitcoin and Market Expectations
While the current drop in miners’ share could support Bitcoin's bullish trend in the short term, it may also lead to increased volatility. The future trajectory of prices will likely depend on whether miners re-enter the market or if momentum is sustained by other participants.
Thus, the drop in Bitcoin miners' market share signals potential changes in market trends, opening new opportunities for investors. Future price behavior will largely depend on miners’ activity and their role in the new market cycle.
