Pressure From Bitcoin Miners Is Increasing: Another Obstacle for BTC!

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Today, spotlight in Hong Kong Bitcoin With the launch of its ETFs, BTC experienced a slight recovery of 2%, rising above the $63,300 level. However, recent on-chain data shows that miners are trending to sell their assets.

Cryptoquant reports significant BTC transfers from miners to spot exchanges did. The increase in miners’ Bitcoin transfers to spot exchanges may indicate imbalance in the market.

It was clear that Bitcoin miners would have to sell their BTC to cover their operational expenses after the BTC halving. This makes sense from a fundamental perspective because miners are currently making about half the BTC revenue compared to a few weeks ago, despite similar price levels.

Miners play an important role in verifying and securing the network and receive BTC rewards in return. However, negative profitability in a long-term trend could potentially impact Bitcoin price. However, experts recommend not to panic and to conduct continuous monitoring based on this data to measure the impact over time.

in hong kong Bitcoin ETFBitcoin ETFs in the US continue to see outflows ahead of some major macro events, with Bitcoin ETFs starting trading today. Major economic events will take place in the United States this week, starting with the Federal Reserve’s May 1 interest rate decision.

As Koinfinans.com reported, analysts estimate there is a 95.6% probability that the Fed will keep interest rates steady at their current levels. Additionally, the US will announce the April unemployment rate on May 3. This year, expectations that interest rates will be lowered in the US have diminished and only one interest rate cut is expected.

The cryptocurrency market is generally characterized by low interest rates and abundant liquidity, so concerns about the constant rise in US interest rates have had the most significant impact on Bitcoin in recent trading sessions.

The latest pressure on crypto markets came from unexpectedly strong data from the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation.


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