The Bitcoin market is in a consolidation phase, with the price hovering slightly above $30.3k. Investors are eagerly waiting to see if this consolidation will lead to a breakthrough or a surprising twist. The frenzy surrounding Bitcoin exchange-traded funds (ETFs) continues, with investment firm Fidelity planning to file an application. Other major players, such as BlackRock and Bitwise, have already filed their applications with the SEC. Experts speculate that the SEC might approve the first-ever Bitcoin ETF under the pressure from big institutions. Meanwhile, miners are shifting their attention to bullish speculative traders, as institutional investors show more interest in Bitcoin. On-chain analysis shows that miners have sent over $1 billion worth of Bitcoins to exchanges, although most of them have been swiftly retracted. This suggests that miners may be using their newly minted coins as collateral in derivatives trading activities.
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