Bitcoin Mining Difficulty Hits a New Record

Even though Bitcoin rose to $68,000 yesterday, this rise was not permanent and it gave way to a decline. It is thought that this movement may be related to the expected volatility over the weekend. Why Didn’t Bitcoin Sustain Its Rise? Optimism in the cryptocurrency markets increased with the decrease in Fed pressure, but this optimism had to decline as ETF inflows did not support it. Spot Bitcoin ETFs experienced the largest declines in the last three days and there was a $1.4 billion outflow from Grayscale Bitcoin Trust this week. The slowing inflows of ETFs began to fail to balance the increasing GBTC sales and the total ETF outflow reached $742 million. This indicates that the intense demand during the rise is now beginning to decline, and a new rise is expected after the decline. Cryptocurrency Market Predictions According to Balchunas, BlackRock’s ETF has a daily volume of 250,000 […]

Bitcoin Mining Difficulty Hits a New Record

Even though Bitcoin rose to $68,000 yesterday, this rise was not permanent and it gave way to a decline. It is thought that this movement may be related to the expected volatility over the weekend.

Why Didn’t Bitcoin Sustain Its Rise?

Optimism in the cryptocurrency markets increased with the decrease in Fed pressure, but this optimism had to decline as ETF inflows did not support it. Spot Bitcoin ETFs experienced the largest declines in the last three days and there was a $1.4 billion outflow from Grayscale Bitcoin Trust this week.

The slowing inflows of ETFs began to fail to balance the increasing GBTC sales and the total ETF outflow reached $742 million. This indicates that the intense demand during the rise is now beginning to decline, and a new rise is expected after the decline.

Cryptocurrency Market Predictions

According to Balchunas, BlackRock’s ETF has a daily volume of 250,000 transactions, which are generally made by individual investors. This group, which affects the cryptocurrency market, is affected by fluctuations in Bitcoin prices.

On the other hand, it is noted that institutional players have not yet shown the expected interest in spot Bitcoin ETFs. It is expected that investor psychology will fluctuate similarly and that negative sentiment may continue until the weekend. It is also emphasized that since there has been a net inflow of $11.4 billion into spot Bitcoin ETFs, the situation is not entirely negative.

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