Broker Benchmark said in a research note on Thursday that cryptocurrency miners are the group most affected by the bitcoin reward halving. The recent rise in the price of BTC may rescue many of the less efficient miners in the bitcoin network in the short term. The halving will play a much smaller role in driving the retirement of inefficient miners and lowering the network's hash rate than it would have in the absence of the price increase. Most of the bitcoin miners listed for trading have initiated or announced plans to increase power and hash rate capacity as a way to accommodate the decrease in revenue and gross profit.
Benchmark also said that the impact of the halving on cryptocurrency prices "is likely to be amplified by the concurrent demand shock that followed the approval of the spot bitcoin ETF in the U.S. in January." "We expect that once institutions start investing in bitcoin ETFs seriously, the inflow of funds into spot bitcoin ETFs will increase significantly."
Benchmark: Once institutions start investing seriously in Bitcoin ETFs, ETF inflows will increase significantly
2024-04-19 09:16:07
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