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As the excitement for BlackRocks spot Bitcoin ETF continues to circulate, trading volume for the worlds largest cryptocurrency has risen. In particular, BTC miners seem more keen to trade on their mining rewards as opposed to keeping them in storage, waiting for a positive price movement. Over the last two weeks alone, BTC miners have moved over $1bn worth to crypto exchanges the vast majority to derivatives exchanges.

Bitcoin miners wanting to utilize their earnings rather than stockpiling them is a likely sign that trading volumes are back on the way up, after prices already rose in the first half of the year. Currently, miners seem to be predominantly taking hedging positions through various forms of derivatives as opposed to simply selling their holdings.

Over the past month, BTC has risen by more than 10%, as a slew of institutional heavyweights made clear their interest in BTC investment by filing for spot Bitcoin ETFs. Whether they will be approved however, is yet to be seen. The Securities and Exchange Commission (SEC) has approved Bitcoin futures ETFs in the past, but never Bitcoin spot ETFs.

(About Bitcoin)

Bitcoin is the original decentralized digital currency that was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. It operates on a decentralized peer-to-peer network, meaning that transactions can occur directly between users without the need for intermediaries like banks. Bitcoin uses cryptography to secure transactions and to control the creation of new units of the currency. Transactions are recorded on a public ledger called the blockchain, which allows anyone to verify the validity of a transaction and the ownership of bitcoins. The total supply of bitcoins is limited to 21 million, which is expected to be reached around the year 2140. Bitcoin's price is highly volatile, and it has experienced numerous boom and bust cycles over the years.

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BTC/USD: Bitcoin Trading Activity Picks Up in Wake of BlackRock ... - TradingView