Bitcoin ETF

Bitcoin

Spot

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-current-landscape-on-chain-analysis-and-miner-activity" rel="noopener noreferrer nofollow">Bitcoin’s Current Landscape: On-Chain Analysis and Miner Activity</a> 
<a href="https://en.bitcoinhaber.net/the-impact-of-fomc-activities-on-bitcoin-and-other-cryptocurrencies" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price continues to fluctuate, currently standing at $42,800, while altcoins, with few exceptions, have not seen significant movement in the last 24 hours. The on-chain perspective suggests that Bitcoin may be poised for further growth if it can consolidate at current levels, as the average BTC purchase cost graph indicates high profitability and a lack of significant resistance until $44,000.
Network fee revenues are not far from the levels seen during the May 2023 ordinals fomo, indicating that miners are well-supported by fees in addition to BTC rewards. This is reflected in the rise of miner shares in the U.S. stock market.
The number of daily active addresses is well below the 2021 bull market, suggesting there is room for the market to grow. However, attracting new investors is crucial, with ETFs and the upcoming halving potentially drawing more U.S.-based investors into the market.
Despite high profitability and upcoming events like halving and interest rate cuts, miners have resumed selling, likely to bolster cash reserves for tougher times, though reserves are still higher than last year’s lows. The market’s response to the Spot Bitcoin ETF news has been mixed, with net inflows turning negative, indicating a dominance of outflows from exchanges.
Finally, Google search data shows a decline in intense searches for a Spot Bitcoin ETF, suggesting a return to normalcy. The expansion of ETF channels and accessibility for individual investors is expected to support a supply shortage, making it important not to overreact to short-term negative movements given the many positive developments on the horizon.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-current-landscape-on-chain-analysis-and-miner-activity" rel="noopener noreferrer nofollow">Bitcoin’s Current Landscape: On-Chain Analysis and Miner Activity</a></h5>

Bitcoin’s Current Landscape: On-Chain Analysis and Miner Activity

BH NEWS

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