Is Miner Selling Contributing to Bitcoin's Price Troubles?

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 23 June 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, NEAR and FTX US. On today’s episode, NLW looks at the state of bitcoin miners’ balance sheets. Specifically, he looks at increased selling of bitcoin over the past few months, and to what extent it has to do with additional debt and leverage taken on during the bull market. - Nexo is an all-in-one platform where you can buy crypto with a bank card and earn up to 16% interest on your assets. On the platform you can also swap 300+ market pairs and borrow against your crypto from 0% APR. Sign up at nexo.io by June 30 and receive up to $150 in BTC. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Koron/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, near an FTX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Wednesday, June 22nd, and today we are asking whether Bitcoin
0:29.3	miners are contributing to the market's price troubles. Before we get into that, however,
0:35.0	if you are enjoying the breakdown, please go subscribe to it,
0:38.2	give it a rating, give it a review, or if you want to dig deeper into the conversation,
0:42.8	come join us on the breakers Discord. You can find a link in the show notes or go to bit.ly
0:47.6	slash breakdown pod. Also, a disclosure, as always, in addition to them being a sponsor of the show,
0:53.3	I also work with FTX.
0:55.6	So for the past couple of days, we have been discussing the state of the markets.
1:00.6	The debate has sort of been whether we've reached a local bottom, something where we're likely to see
1:05.5	a mean reversion or at least some sustained relief rally, or whether more broadly we're transitioning to a sort of
1:12.8	protracted bottom phase. So far, we've discussed this largely in terms of three things. First,
1:19.9	the larger macro landscape. How a secular shift in monetary policy is creating the context
1:26.5	for basically all downturns across all asset
1:29.2	classes. Second, we've been discussing crypto-specific failures and problems. So this is the
1:34.9	Terralunas of the world, the Celsius story, the 3AC story. And in each case, there is a shared
1:40.8	through line, which is leverage unwinding and opaque institutions that have
1:45.1	sometimes big tie-ups to one another that we didn't previously know about. Third, we've also been
1:50.3	looking at data about how different market participants have been reacting, most notably a fairly
1:55.8	significant capitulation in the period leading up to and around the crash that happened Friday into Saturday.
	...

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