Bitcoin Miners Report, September 2024

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	Forwarded this email? Subscribe here for more Don't Expect Much Of The Bitcoin Miners (For Now) Bitcoin Miners Report, September 2024 Ecoinometrics Sep 11 ∙ Preview   READ IN APP   You won't be shocked to learn that this is a difficult period for the Bitcoin miners.  Without a more favourable market regime, a bull market for mining stocks is unlikely. Let's break down what this means in numbers. The Ecoinometrics newsletter gives you insights from crypto and macro data to help you make better investment decisions.  We spend hours every day gathering data, creating metrics and bringing them to life with data visualizations that allow you to quickly get to the heart of things. We then distill all that knowledge in each issue of the newsletter with less words and more charts so that you get insights, direct to the point, in five minutes or less. Join more than 24,000 investors here: Upgrade to paid Done? Thanks! That’s great! Now let’s dive in. Don't Expect Much Of The Bitcoin Miners (For Now) The Bitcoin miners thesis is simple.  The profitability of the Bitcoin mining companies strongly depends on Bitcoin's price. That make the Bitcoin miners stocks closely tied to BTC and thus good proxies for getting exposure to the Bitcoin market.  At the same time those miners stocks are small. Much smaller than Bitcoin. So capital inflows in the miners market tend to create outsized returns. The investment thesis is that in the coming bull market, the institutional money will want to own Bitcoin miners stocks in order to get exposure to BTC. The buying pressure coming from that demand will make it so that the Bitcoin miners stocks will deliver returns that are several times larger than Bitcoin itself over the same period. This is the bet we are tracking in our monthly miners report. The Takeaway Bitcoin miners are struggling, with their stocks amplifying Bitcoin's losses 2.25 times on average.  While miners perform similarly in neutral and bullish Bitcoin regimes, they suffer greatly in bearish conditions. With Bitcoin currently on the edge of bearish territory, caution is advised for short-term investors.  However, this volatility may present opportunities for those with a long-term outlook. Correlations Are Making A Comeback... Unlock this post for free, courtesy of Ecoinometrics. Claim my free post Or upgrade your subscription. Upgrade to paid   Like Comment Restack   © 2024 Ecoinometrics 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe