Bitcoin miner revenue hit a 1-month low, potentially leading miners to sell, affecting its price negatively. Trader sentiment remains bearish.
Amid this evolving scenario, it’s imperative to recognize that despite the decline in miner revenue, the overall miner hashrate demonstrated a steadfast rise.
While increased hashrate augments network security, it also intensifies energy consumption, and the growing competition among miners could potentially consolidate power in the hands of a few prominent mining entities.Amidst these miner dynamics, one intriguing trend persisted. The retail interest in Bitcoin continued to rise. A significant milestone was reached at the time of writing. An all-time high of 4,448,542 addresses were holding at least 0.1 BTC.
This escalating retail engagement underscored the continued allure of Bitcoin as a long-term investment, even amid market volatility.At the time of writing, Bitcoin was exchanging hands at a price of $26,083.72, and its trading volume had subdued over the preceding weeks. Adding another layer of perspective, Bitcoin’s velocity, which signified the frequency of its transfers, experienced a decline, indicating a decreased frequency of trades during this period.This could signify that participants are adopting a wait-and-see approach in light of the market’s recent fluctuations.Trader sentiment remained bearish during this period as well. Short positions represented a commanding 51.82% of the total Bitcoin trades.
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