Bitfinex: Bitcoin miners sell part of their reserves before halving, effectively dispersing market selling pressure

According to Mars Finance, Bitfinex's latest weekly report pointed out that Bitcoin miners have sold part of their reserves in advance before the halving, which effectively dispersed the market selling pressure and prevented a sharp drop in prices. At the same time, the demand for the newly launched Bitcoin spot ETF in the United States also helped stabilize market sentiment.

CryptoQuant data shows that miners have significantly reduced the amount of Bitcoin sent to exchanges in March, indicating that they have planned their sell-offs in advance. Although the market may be affected to a certain extent in the short term, in the long run, this strategy will help miners adapt to the new environment after the halving. Since the halving, the price of Bitcoin has not fallen sharply, but has risen by about 4.5%, continuing the upward trend. This is due to the adjustment of miners' strategies and the positive impact of ETF demand on market sentiment. The "large-scale" capital flow of ETFs significantly affects market pricing, which is different from the conventional supply and demand framework. Bitfinex expects that after the reduction of miners' income, price increases and expansion of mining operations will compensate for the reduced rewards, and the negative market impact will be temporary. At the same time, the number of Bitcoins purchased by ETF issuers has exceeded the amount of new coins created, and the market supply is expected to tighten. (Cointelegraph)