Bitfinex: Bitcoin miners have effectively mitigated market sell-off pressure by selling part of their reserves before the halving and other factors

ChainCatcher news, according to a report by Cointelegraph, Bitfinex's latest report indicates that Bitcoin miners have preemptively sold part of their reserves before the halving, effectively dispersing market sell-off pressure and avoiding a significant price drop. At the same time, the demand for the newly launched Bitcoin spot ETF in the U.S. has also helped stabilize market sentiment. The report shows that miners significantly reduced the amount of Bitcoin sent to exchanges in March, indicating that they have planned their sell-off strategy in advance. Although the market may be affected to some extent in the short term, this strategy will help miners adapt to the new environment after the halving in the long run.

Since the halving, Bitcoin's price has not experienced a significant drop, but instead has risen by about 4.5%, continuing the upward trend. This is attributed to the miners' strategic adjustments and the positive impact of ETF demand on market sentiment. The "large-scale" capital flows from the ETF significantly affect market pricing, differing from the conventional supply and demand framework. Bitfinex expects that after a reduction in miner income, price increases and the expansion of mining operations will compensate for the decreased rewards, and the 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 market supply will tighten.