Miners sell Bitcoin amid the price rise as institutional adoption 2.0 begins BitcoinETF BTC BlackRock
- Activity related to Bitcoin , both in the press and on-chain, has been on the rise in recent weeks ever since BlackRock, the world’s largest asset management firm, filed for a spot Bitcoin exchange-traded fund on June 15, prompting multiple other financial institutions to follow suit.
“Around 33,860 BTC has been sent to derivatives exchanges, although the majority has been recovered back to proprietary wallets,” CryptoQuant said. “Miners saw a reduction of approximately 8,000 BTC in their reserves. In which, only a small portion was sent to spot trading exchanges.” On-chain data analytics provider Glassnode corroborated the observations by CryptoQuant, tweeting on Tuesday, “Miners are currently recording extremely high Exchange interaction, sending an ATH of $128M to Exchanges, equivalent to 315% of their daily revenue.”Miners continue to face significant headwinds despite the rising price of BTC as mining profitability has declined more than 30% since July and is down over 80% since the peak of the 2021 bull market.
The main difference between 1.0 and 2.0 is that in 1.0, “Most institutions adopted Bitcoin as an investment vehicle only for them,” he noted. “Microstrategy, Tesla, and the other companies added Bitcoin to their balance sheet.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BlackRock Bitcoin ETF is ‘not malicious,' could cause BTC price to double by 2024 - Ran NeunerBlackRock Bitcoin ETF is ‘not malicious,' could cause BTC price to double by 2024 - Ran Neuner bitcoin blackrock crypto
Read more »
BlackRock ETF filing sparks largest inflows to Bitcoin investment products since JulyInflows into digital asset investment products are at the highest level since July following last week's flurry of spot Bitcoin ETF filings initiated by BlackRock.
Read more »
Bitcoin bounces on BlackRock buzzThe currency created to subvert the financial establishment has benefited from the support of Wall Street’s finest
Read more »
Fidelity reportedly next to file for Bitcoin ETF while ARK may be ahead of BlackRockSources say that Fidelity is preparing to file for a spot Bitcoin ETF while ARK’s application may be first in line for review by the SEC ahead of BlackRock’s filing.
Read more »
BlackRock’s Fink says he’s stopped using ‘weaponized’ term ESGHead of world’s largest asset manager reaffirms commitment to issues
Read more »
BlackRock CEO Larry Fink Whines that Term “ESG” Has Become “Weaponized”Fink cites DeSantis decision to pull funds as part of reason. Meanwhile, Florida's governor calls for ‘crippling the ESG movement’ in his new book.
Read more »