Bitcoin faces 'several' headwinds that will challenge miners in near term, says JPMorgan

Unprofitable bitcoin miners are starting to exit the network after the halving , as expected. That's a relief to remaining miners by making it less expensive for them to produce a single bitcoin, but much of their performance relies on bitcoin's price, which still faces several near-term headwinds, according to JPMorgan. "The current hashrate and power consumption put our central estimate of the bitcoin production cost to around $45,000, i.e.

Specifically, the global market strategist pointed out that: JPMorgan's CME bitcoin futures position proxy still suggests it's overbought Bitcoin prices are still above JPMorgan's volatility adjusted comparison to gold of $45,000 Venture capital funding to crypto companies has been subdued this year despite the "crypto price resurgence" There's been limited inflow into bitcoin ETFs this month following a significant outflow in April; and There's "lackluster...

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