Bitcoin Miner Outflows Hit 77-Month High
Recently, Bitcoin miner outflows hit a 77-month high, indicating miners believe its price may be facing a local top as it trades at around $46,000. These outflows aren’t directly monitoring miner address transactions to cryptocurrency exchanges, but monitor outflows from BTC mining pool wallets. The growing outflows are an indicator of sentiment, suggesting more outflows mean more miner rewards are exposed to being sold on the market – a bearish signal.
SEC Approves 11 Spot Bitcoin Exchange-Traded Funds (ETFs)
The U.S. Securities and Exchange Commission approved 11 spot Bitcoin exchange-traded funds (ETFs) from major asset managers including BlackRock and Fidelity. Bitcoin’s price rose over 170% over the past year as investors expected the launch of these funds, which could see institutional and retail investors increase their bets on BTC.
Bitcoin’s Hashrate Reaches New Peak
Bitcoin’s hashrate recently reached a new peak above 550 exahashes per second (EH/s). A growing hashrate means there’s more competition among miners for rewards, which squeezes miners’ profits. The growing competition may lead to the capitulation of some miners, while other operations grow.
Hot Take
Bitcoin miner outflows are rising to a 77-month high, suggesting miner’s belief that Bitcoin’s price may be facing local top as its price recovers. In addition, the SEC approved 11 spot Bitcoin exchange-traded funds (ETFs), and Bitcoin’s hashrate reached a new peak. These factors are affecting the Bitcoin mining landscape and the market.
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