Bitfinex Alpha #60 | Is the Bull Market Upon Us?

#Bitcoin's price-to-earnings ratio for #miners, currently at 73.3, is a top cyclical indicator as the #Bitcoinhalving approaches. This metric determines whether the current #BTCvalue is appealing for miners to sell their #Bitcoinbalance. Historically, #bearcycle lows have been characterized by #minercapitulation. However, the increasing metric suggests that miners can consistently sell their mined #BTC for profits. This sustained increase, following last year's $16,000 BTC bottom, hints at the early stages of a Bitcoin #bullmarket. Additionally, the Unspent Transaction Output (#UTxO) metric provides valuable insights into the behaviour of different cohorts of #Bitcoinholders. They are not selling profitable positions either! To learn more about these indicators and their impact on Bitcoin's price trajectory, see [Bitfinex Alpha Issue #60](https://blog.bitfinex.com/wp-content/uploads/2023/06/Bitfinex-Alpha-60.pdf). Subscribe to our weekly newsletter [here](https://blog.bitfinex.com/bitfinexalpha/).