Interest in Bitcoin ETFs plummets.in the last few months, some mining firms have shown resilience in the face of uncertainty.According to new data, U.S. Bitcoin mining companies were diamond hands and refused to sell any of their BTC. This indicated that the sentiment amidst most mining companies was positive and they won’t be selling their holdings anytime soon.Additionally, the revenue generated by miners also increased a lot during this period, attributed to the rising interest in Runes.
A rising hashrate for Bitcoin means the network is more secure, but also more competitive for miners. They’ll need more powerful equipment and potentially face lower individual profits.Despite these positive factors, there were some problems that could plague the Bitcoin ecosystem.Recent data highlighted trends in Bitcoin exchange-traded funds over the past week. We’ve seen a significant shift towards net outflows, with a combined total of $319 million exiting all Bitcoin ETFs.
Furthermore, the data indicates a decline in trading activity for these funds. Weekly trading volumes have dropped by 12% compared to the prior week. This could be a sign of increased investor caution or a wait-and- see approach before the upcoming Bitcoin halving event.The current AUM sits at $53 billion, reflecting a 10% decrease from the previous week. This aligns with the trend of net outflows and potentially indicates a decline in overall investor holdings in Bitcoin through these ETFs.
Moreover, Long/Short difference of BTC had declined indicating that the number of long-term holders holding BTC had fallen.
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