USDBTC - the unknown movers, btc fundamentals that will surprise
Hi, as we all know, we don't know who is buying btc at high quantities as we normaly do when it comes to stocks or forex. We all know as well that it's the money that people use that create the direction of the price.
The miners that mine btc they sell a good chunk of it, now the daily volume for btc is about 10B USD on avrage ranges from 7-20B USD. That is about 900,000 BTC. that seems OK as there is about 16M btc atm, and lets say 2 million of the btc is lost in wallets, so 14M btc.
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now the daily amount BTC mined is about 1,800, lets say 70% of it gets sold ( no idea to actually know what they do with it). but there is a lock down period on this btc which means they can't be sendt to another wallet, I think it's about 2 weeks, if anyone know please correct me if I'm wrong.
now when there is a market of 900,000 BTC lets say atleast 50% of that is rebuy and resell about 4-6 times, so the real volume of btc being used in the system is about 450,000 + 90,000
or 540,000 btc. ( half of the btc divided by 5, it's all an assumption and not very important, but I'll get to the point in a moment).
now at 1,800 btc mined per day, at 1 year we have mined 639,000 BTC, they sell about 70% so 447,300 btc, they obs don't pump the market, but they slowly sell.
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Now i'm not saying btc will go up or down in the long run, but knowing this, we need more people to want to hold on to btc constantly, or else the selling that is there naturally will lower the price naturally.
I would bet pretty hard on that the big minning farms have a few pretty smart traders -that will help them not dilute the market by selling really high, but if they gotta pay their bills or if they want to expand and the market doesn't wanna buy, then they will have to lower their prices.
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Hey hope you liked my take on BTC/USD atm - you can find most of these facts if you do a little googling but the sources are here
coinmarketcap.com/currencies/bitcoin/ - volume
www.bitcoinblockhalf.com/ BTC mined per day
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btw they do get mora than 1,800 cuz of transaction cost... I saw at the end of the day, just one day that the cost was about 2 million USD
blockchain.info/unco...nfirmed-transactions
The miners that mine btc they sell a good chunk of it, now the daily volume for btc is about 10B USD on avrage ranges from 7-20B USD. That is about 900,000 BTC. that seems OK as there is about 16M btc atm, and lets say 2 million of the btc is lost in wallets, so 14M btc.
--------------------------------------------------------------
now the daily amount BTC mined is about 1,800, lets say 70% of it gets sold ( no idea to actually know what they do with it). but there is a lock down period on this btc which means they can't be sendt to another wallet, I think it's about 2 weeks, if anyone know please correct me if I'm wrong.
now when there is a market of 900,000 BTC lets say atleast 50% of that is rebuy and resell about 4-6 times, so the real volume of btc being used in the system is about 450,000 + 90,000
or 540,000 btc. ( half of the btc divided by 5, it's all an assumption and not very important, but I'll get to the point in a moment).
now at 1,800 btc mined per day, at 1 year we have mined 639,000 BTC, they sell about 70% so 447,300 btc, they obs don't pump the market, but they slowly sell.
-------------------------------------------------------------
Now i'm not saying btc will go up or down in the long run, but knowing this, we need more people to want to hold on to btc constantly, or else the selling that is there naturally will lower the price naturally.
I would bet pretty hard on that the big minning farms have a few pretty smart traders -that will help them not dilute the market by selling really high, but if they gotta pay their bills or if they want to expand and the market doesn't wanna buy, then they will have to lower their prices.
---------------------------------------------
Hey hope you liked my take on BTC/USD atm - you can find most of these facts if you do a little googling but the sources are here
coinmarketcap.com/currencies/bitcoin/ - volume
www.bitcoinblockhalf.com/ BTC mined per day
---------------------------------------------------------------
btw they do get mora than 1,800 cuz of transaction cost... I saw at the end of the day, just one day that the cost was about 2 million USD
blockchain.info/unco...nfirmed-transactions