NEW: ๐ Bitcoin analyst seems to believe there could be a capitulation event in the horizon should Bitcoin ETFs not be approved before January 10th ๐
“Slightly concerned about the declining hash rate and Bitcoin miner balance, which is dropping quite extensively.
The mining pools that are reducing the balance are MaraPool, F2Pool, and Poolin, by about 13k BTC in the past few weeks.
This doesn’t mean they have sold; in fact, barely any Bitcoin has been sent to exchanges. So it’s most likely wallet re-shuffling.
But we are seeing a notable drop off in hash rate, roughly 10% already in the past 5 days.
If we get an ETF denial or (bad news), and the hash rate continues to drop, with a serious amount of leverage below these price levels, a potential miner capitulation/cascade is on the cards.
Maybe, shorts will pile in, and then we get the meaningful correction/bottom.”
– James Van Straten
