LIVEBitcoin miners have played a significant role in the selling pressure observed in 2024, especially after the launch of the ETF. This is mainly due to the fact that miners need to cover their operational costs and generate profits, which often involves selling a portion of their mined bitcoins.
The introduction of the ETF has further increased the demand for Bitcoin, leading to a higher number of miners entering the market or expanding their operations, thereby increasing the supply of Bitcoin available for sale.
Moreover, the halving is another factor to consider.
Halving refers to the reduction of block rewards given to miners for successfully validating transactions on the Bitcoin network. This event, which is scheduled to occur in April, will result in miners receiving half the amount of Bitcoin they currently receive as rewards for their work.
Consequently, this may lead to increased selling pressure from miners as they adjust to the reduced rewards and seek to maintain their profitability.
However, it is essential to note that Bitcoin's value is determined by various factors, including market demand, adoption rate, regulatory environment, technological advancements and market maturity.
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