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Today in Hong Kong, following the introduction of spot Bitcoin ETFs, Bitcoin experienced a 2% recovery, surpassing $63,300. However, recent on-chain data indicates that Bitcoin miners are inclined to sell their BTC assets.
Selling Trend Among BTC Miners
Cryptoquant, an on-chain analysis platform, reported significant BTC transfers from miners to spot exchanges. This observation, indicating an increase in Bitcoin movement from miners to spot exchanges, could suggest market instability. It was indicated that Bitcoin miners would sell their BTCs to cover operational costs following the Bitcoin halving event. Despite similar price levels, miners are currently earning about half of the BTC revenue compared to a few weeks ago.
Miners play a crucial role in validating and securing the network by consuming electricity and covering various expenses like hardware and rent. In return, they receive rewards in the form of Bitcoin. However, a long-term trend of negative profitability among miners could potentially affect Bitcoin’s price. Experts also recommend continuous monitoring to measure the impact of this situation over time.
Significant Developments in Cryptocurrencies
While Bitcoin ETFs in Hong Kong began trading today, US Bitcoin ETFs continue to see exits ahead of some major macro events. This week starts with the eagerly awaited interest rate decision by the US Federal Reserve on May 1st. Analysts predict a 95.6% chance that the Fed will keep interest rates at current levels. Additionally, the US unemployment rate for April will be announced on May 3rd.
This year, expectations for a reduction in US interest rates have been narrowed down to just one anticipated cut. The cryptocurrency market, which typically thrived in an environment characterized by low rates and ample liquidity, faced concerns over persistently high US interest rates in recent trading sessions. The latest tension in the crypto markets came from unexpectedly strong data from the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation.
