BDFL of Quilibrium, Eng @ Farcaster, ex-Coinbase, always opinionated, never hydrated

/quilibrium

if market price is more than 2x of bitcoin miners revenue when it's typically tied together (or lower than bitcoin miner revenue), what made it change though? what is affecting this

building reel.farm and farcasterstudio.com

consider that historically it's been a leading indicator. this fact likely has not changed.

is it leading though? almost looks lagging at some points. in any case, the fact that they would diverse this dramatically for this long would make me think that something more unusual is going on.

just one off the top of my head: perhaps BTC ETFs mean BTC ownership is now more disconnected from onchain activity?

/bettik founder /outercorps stalwart | ex-binance, ex-celsiusX

It's important when looking at the graph to consider the ratio of the raw numbers rather than the lines, the lines will only reflect the ratio the closer you look to today, zooming in on the graph you'll find instances where the blue line dips below the black but that's due to the sliding scales of the axes

normally there's a lag and the ratio catches up, but the ratio was already weak, and after the halving this catchup did not happen, does not appear to be happening, and at this rate likely will not happen, which will lead to capitulation and runaway effects

do you have an idea of what caused this? or why the market price has been so much higher than miners rewards since march/april?