© Reuters
NEW YORK – Bitcoin miners are moving large amounts of cryptocurrencies to exchanges, with outflows reaching a level not seen in several months, indicating a possible increase in selling pressure. This renewed activity by miners comes as the investment landscape is experiencing a notable development: the approval of several Bitcoin ETFs by the United States Securities and Exchange Commission (SEC).
The SEC’s green light for Bitcoin ETFs is seen as a positive step for the cryptocurrency market, as it could attract more investors to the digital asset class. These exchange-traded funds provide a regulated and potentially less risky way to invest in , which could offset any negative sentiment arising from increased miner outflows.
Additionally, the Bitcoin network hashrate, which measures the computing power devoted to mining and processing transactions, has reached new highs. This rise in hashrate reflects increased mining activity and competition, which often translates into increased operational costs for miners. As a result, miners may be incentivized to sell bitcoins to cover these expenses, contributing to the observed outflows.
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