The article discusses the decline in Bitcoin miner revenue, which has reached a 1-month low. This decrease in revenue may lead miners to sell their Bitcoin holdings, putting negative pressure on the price of Bitcoin. The article also mentions that the overall miner hashrate has been increasing, which enhances network security but also intensifies energy consumption and concentration of power among mining entities. Despite the decline in miner revenue, retail interest in Bitcoin as a long-term investment continues to rise. The article also highlights that Bitcoin’s trading volume has subdued and its velocity has declined, indicating a wait-and-see approach by market participants. Trader sentiment remains bearish, with many traders positioning themselves for further price declines.
AI Sentiment: Negative
