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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    PENGU token loses 20% in August amid Pudgy Party game launch

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

    What’s Behind the Double-Digit Declines?

    What’s Behind the Double-Digit Declines?

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

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    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

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    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

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    Stability World AI Adds Games to Transform the Future of Web3 Gaming

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  • Blockchain
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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

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    UAE emirate launches new free zone for digital assets, Web3 and AI

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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

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    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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    What Is Crypto Arbitrage and How to Use It in Trading?

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    What’s the Difference & Which Is Better to Trade?

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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Home Altcoins

Bitcoin miners refuse to sell: A strategy to uphold BTC prices?

April 22, 2024
in Altcoins
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Bitcoin miners refuse to sell: A strategy to uphold BTC prices?
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  • Bitcoin miners continue to hold on to their BTC despite market volatility.
  • Interest in Bitcoin ETFs plummets.

Despite the volatility faced by Bitcoin [BTC] in the last few months, some mining firms have shown resilience in the face of uncertainty.

Miners persist

According to new data, U.S. Bitcoin mining companies were diamond hands and refused to sell any of their BTC. This indicated that the sentiment amidst most mining companies was positive and they won’t be selling their holdings anytime soon.

This meant the selling pressure on Bitcoin would reduce in the future.

Source: X

Additionally, the revenue generated by miners also increased a lot during this period, attributed to the rising interest in Runes. Coupled with that, the hashrate for BTC also grew.

A rising hashrate for Bitcoin means the network is more secure, but also more competitive for miners. They’ll need more powerful equipment and potentially face lower individual profits.

miners-revenue

Source: Blockchain

Despite these positive factors, there were some problems that could plague the Bitcoin ecosystem.

ETF hype fades

Recent data highlighted trends in Bitcoin exchange-traded funds (ETFs) over the past week. We’ve seen a significant shift towards net outflows, with a combined total of $319 million exiting all Bitcoin ETFs.

Grayscale’s Bitcoin Investment Trust (GBTC) was a major driver of this decline.

In contrast, inflows into ETFs had previously reached a peak of $12.7 billion, but now appear to have plateaued. This suggests a potential cooling off in investor sentiment towards BTC ETFs.

Furthermore, the data indicates a decline in trading activity for these funds. Weekly trading volumes have dropped by 12% compared to the prior week. This could be a sign of increased investor caution or a wait-and- see approach before the upcoming Bitcoin halving event.

See also  Wall Street Bitcoin Giant MARA Flexes Mining Muscle with 14% Hashrate Surge

Finally, the total Assets Under Management (AUM) for BTC ETFs has also dipped.

The current AUM sits at $53 billion, reflecting a 10% decrease from the previous week. This aligns with the trend of net outflows and potentially indicates a decline in overall investor holdings in Bitcoin through these ETFs.

Source: SQRR.xyz


Read Bitcoin’s [BTC] Price Prediction 2024-25


This declining interest in BTC ETFs could indicate that non crypto native investors maybe losing interest in the king coin. At press time, BTC was trading at $65,965.95 and its price had grown by 1.26%.

Moreover, Long/Short difference of BTC had declined indicating that the number of long-term holders holding BTC had fallen.

Source: Santiment

Next: Cardano [ADA] repeats 2020 rally: Should you prepare for $1?

READ ALSO

CryptoGames now supports Tether (USDT) for deposits and announces partnership with Bitinvestor

Toncoin heats up: What does $398M in trading volume indicate?

  • Bitcoin miners continue to hold on to their BTC despite market volatility.
  • Interest in Bitcoin ETFs plummets.

Despite the volatility faced by Bitcoin [BTC] in the last few months, some mining firms have shown resilience in the face of uncertainty.

Miners persist

According to new data, U.S. Bitcoin mining companies were diamond hands and refused to sell any of their BTC. This indicated that the sentiment amidst most mining companies was positive and they won’t be selling their holdings anytime soon.

This meant the selling pressure on Bitcoin would reduce in the future.

Source: X

Additionally, the revenue generated by miners also increased a lot during this period, attributed to the rising interest in Runes. Coupled with that, the hashrate for BTC also grew.

See also  Bitcoin Price Rips Higher But $43K Is The Key To More Upsides

A rising hashrate for Bitcoin means the network is more secure, but also more competitive for miners. They’ll need more powerful equipment and potentially face lower individual profits.

miners-revenue

Source: Blockchain

Despite these positive factors, there were some problems that could plague the Bitcoin ecosystem.

ETF hype fades

Recent data highlighted trends in Bitcoin exchange-traded funds (ETFs) over the past week. We’ve seen a significant shift towards net outflows, with a combined total of $319 million exiting all Bitcoin ETFs.

Grayscale’s Bitcoin Investment Trust (GBTC) was a major driver of this decline.

In contrast, inflows into ETFs had previously reached a peak of $12.7 billion, but now appear to have plateaued. This suggests a potential cooling off in investor sentiment towards BTC ETFs.

Furthermore, the data indicates a decline in trading activity for these funds. Weekly trading volumes have dropped by 12% compared to the prior week. This could be a sign of increased investor caution or a wait-and- see approach before the upcoming Bitcoin halving event.

Finally, the total Assets Under Management (AUM) for BTC ETFs has also dipped.

The current AUM sits at $53 billion, reflecting a 10% decrease from the previous week. This aligns with the trend of net outflows and potentially indicates a decline in overall investor holdings in Bitcoin through these ETFs.

Source: SQRR.xyz


Read Bitcoin’s [BTC] Price Prediction 2024-25


This declining interest in BTC ETFs could indicate that non crypto native investors maybe losing interest in the king coin. At press time, BTC was trading at $65,965.95 and its price had grown by 1.26%.

Moreover, Long/Short difference of BTC had declined indicating that the number of long-term holders holding BTC had fallen.

Source: Santiment

Next: Cardano [ADA] repeats 2020 rally: Should you prepare for $1?
Tags: BitcoinBTCMinersPricesrefuseSellstrategyUphold

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