The article discusses why the possibility of a Bitcoin Exchange-Traded Fund (ETF) is making Bitcoin miners nervous. The current Bitcoin investing landscape may leave investors in mining firms concerned because their revenue heavily relies on fixed BTC block rewards, and a rising BTC price would lead to higher USD-denominated revenue for the entire industry. The article also mentions Iris Energy, a renewable-focused miner that is bullish on the upcoming Bitcoin halving. The co-founder of Iris Energy believes that the halving, along with potential easing of macro monetary conditions, could create an interesting period for Bitcoin. The approval of an ETF could bring substantial capital to the Bitcoin market and have bullish effects alongside the halving and easing macro conditions. The article explains that a spot Bitcoin ETF differs from existing Bitcoin investment products in the US because its shares would be directly redeemable for a fixed amount of BTC held by the provider and its partners. Currently, the shares in the trust trade at a discount to the fund’s underlying BTC holdings, but this discount is expected to vanish if the ETF is approved.
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