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Bitcoin – Here’s how mining stocks and Spot ETFs are fueling a market shift
The declining ROI on Bitcoin mining stocks is having a profound impact on the cryptocurrency market. In addition to eroding miners’ influence over the market, this phenomenon could also threaten the decentralized nature of the network.
At the heart of the Bitcoin network are miners who hold significant amounts of the digital asset. It has become increasingly important for investors to track their reserves as they navigate today’s volatile market. Interestingly, the amount of BTC held in miner wallets has plummeted to a yearly low of just 1.809 million. While factors like rising mining difficulty, breakeven expenses, halving, and reduced rewards are commonly cited reasons, there may be more to this story.
What is behind this sudden change? It appears that institutional investors are increasingly turning to alternative investment vehicles like Bitcoin Spot ETFs to get in on the action. This new option removes the complexities associated with wallet management and mining, making it an attractive choice for those looking to diversify their portfolios.
However, there’s a catch: This shift is not without its risks. As large institutions like BlackRock start snatching up massive amounts of BTC, Bitcoin’s decentralized nature is starting to feel the strain. It should come as no surprise that at last count, BlackRock held an astonishing 530K BTC.
Source: ambcrypto.com
