In recent months, Bitcoin has faced a downward trend, and the selling pressure has intensified. Crypto mining companies, grappling with reduced revenues after the reward halving in April, have been selling off Bitcoin.
Reports indicate that miners have liquidated over $2 billion worth of Bitcoin this month. The need to cover costs amid income reductions has driven this trend. Many miners have halted their activities, leading to sharp decreases in the Bitcoin difficulty rate.
The latest hash amount dropped from 88 trillion to 83 trillion. Despite this, miners are reporting record low revenues due to the halving’s impact, with daily mining revenues plummeting from an average of $107 million to $30 million.
Bitcoin ETFs have been a crucial support for its price. However, the recent selling pressure has hindered Bitcoin’s progress. Some experts believe that as new balances are established in the mining industry, selling pressure may ease.
Unfortunately, the current situation continues to affect ETFs negatively. Bitcoin’s loss of the $65,000 level resulted in an outflow of approximately $200 million from ETFs.
In summary, miner pressure remains a significant factor influencing Bitcoin’s price, and its effects ripple through the ETF market. As the landscape evolves, balancing supply and demand will be critical for Bitcoin’s recovery.
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