On-chain data from Glassnode suggests the role of Bitcoin miners in the asset’s valuation has been going down over the years.
Bitcoin Miners’ Issuance Now Only Makes A Small Part Of Daily Realized Value
In a new report, the on-chain analytics firm Glassnode has studied the different components that contribute to Bitcoin’s “realized cap.” The realized cap is a capitalization model for the asset that assumes that the real value of any coin in circulation is the price at which it was last transacted on the blockchain.
This is different from the normal market cap, which simply takes every token’s value to be the same: the current spot price. Since the last transaction price of a coin is essentially its “buying price,” the realized cap serves as a measure of the aggregate value stored inside the cryptocurrency.
Another way to look at the realized cap is through the three metrics it essentially represents: the realized profit, realized loss, and issuance. The realized profit
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