The SEC’s green light for Bitcoin ETFs is considered a positive step for the cryptocurrency market, as it may draw more investors to the digital asset class. These exchange-traded funds provide a regulated and potentially less risky avenue for investment in Bitcoin, which could counterbalance any negative sentiment arising from the increased miner outflows.
Additionally, the Bitcoin network’s hashrate, a measure of the computational power dedicated to mining and processing transactions, has reached new all-time highs. This surge in hashrate reflects heightened mining activity and competition, which often translates to increased operational costs for miners. As a result, miners may be incentivized to sell Bitcoin to cover these expenses, contributing to the observed outflows.
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Source: Cryptocurrency - investing.com
