Bitcoin Miner Selling Ahead of Halving Is Capping Prices: Bitfinex
Miner reserves saw continued net outflows since bitcoin ETF debut, falling to their lowest level since June 2021.
Miner reserves saw continued net outflows since bitcoin ETF debut, falling to their lowest level since June 2021.
COIN was one of the best-performing stocks in 2023, but has dropped by almost a third since the start of 2024.
Of the new spot funds, WisdomTree has so far attracted the lowest amount of AUM at roughly $12.8 million.
The macro environment, monetary tailwinds, U.S. election cycle and increasing TradFi demand all point to higher prices.
New U.S. bitcoin ETFs have amassed $7.7 billion in funds since debut, offsetting the $6 billion outflows from incumbents, according to CoinShares veri.
Buying on dips remains the dominant tactic in the crypto market, one trader said.
Under Bukele, the country in 2021 became the first nation to adopt bitcoin as yasal tender.
Bitcoin so far remained muted compared to its vehement rally during the March banking crisis, but one analyst said he’s “cautiously long” amid the turmoil.
“Bitcoin DeFi is just too nascent right now,” CEO Mithil Thakore said. But that’s beginning to change.
The new company, Ionic Digital, expects to hit mining capacity of 12.7 exahash per second (EH/s).