According to Cointelegraph, Bitfinex's latest report shows that Bitcoin miners have sold some reserves ahead of the halving, effectively dispersing market selling pressure and avoiding a significant price drop. Additionally, the demand for the newly introduced Bitcoin spot ETF in the United States has helped stabilize the market sentiment. The report shows that miners significantly reduced the amount of Bitcoin sent to exchanges in March, indicating that they have planned their selling strategy ahead of time. Although the market may be affected in the short term, in the long run, this strategy will help miners adapt to the new environment after the halving.Since the halving, Bitcoin prices have not experienced a significant drop, but rather have continued to rise by about 4.5%. This is due to miners adjusting their strategies and the positive impact of ETF demand on market sentiment. The "large-scale" flow of funds into ETFs significantly affects market pricing, which is different from the conventional supply-demand framework. Bitfinex expects that after miner income decreases, price increases and the expansion of mining operations will compensate for the reduced rewards, and any negative impact on the market will be temporary. At the same time, the amount of Bitcoin purchased by ETF issuers has exceeded the amount of new coins created, and it is expected that the market supply will tighten.

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