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

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Home Altcoins

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

April 22, 2024
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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  Exploring Bitcoin Ordinals and Ethereum NFTs: A Comparative Guide

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  Trump Wins, Bitcoin Surged: What’s Next?

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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Tezos 2023 Outlook: An Overview of Tezos (XTZ)

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UK risks regulating NFTs the wrong way, says Mintable CEO

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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EDITOR'S PICK

BRC-20 style tokens are spreading to chains beyond Bitcoin. But why?

BRC-20 style tokens are spreading to chains beyond Bitcoin. But why?

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Fiat and Kia Using ChatGPT to Open Metaverse Car Dealerships

Fiat and Kia Using ChatGPT to Open Metaverse Car Dealerships

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What The Heck Is an ‘Atomic Swap’?

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Bitcoin, Solana lead the way as crypto inflows rise after 5 weeks

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