Large public miners such as Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf reported a 6%-12% decline in BTC production immediately after the halving in April.

There is also the longest period of coin hoarding by miners since the $16,000 BTC - they are likely hoarding in anticipation of higher prices to sell.

News link: https://theminermag.com/news/2024-05-06/hut8-bitcoin-production-drop-april-halving-miner-relocation

What is a halving?

It is a block subsidy halves into a half of previous epoch. Miners' income comes from two sources:

• Block subsidy: that is halved (decrease 50%) after the halving block.
• Transaction fees from new found blocks.

By this formula, you can see that if transaction fees stay the same as in previous epoch, miners' income would drop 50% but according to the report, it dropped only 6% to 12%. What conclusion can be drawn here?

Miners get 50% less from block subsidies but get more from transaction fees which is not like 38% or 44% more, because we have to take into account a little bit price increase of Bitcoin after the halving day. Fortunately, price on 19 April and 29 May 2024 are nearly the same.

To sum up, a rough figure is miners get about 38% - 44% more in transaction fee since the Bitcoin halving day, 50% less in block subsidies.

• https://www.coingecko.com/en/coins/bitcoin/historical_data

As this news did not brought too much volume. I don't think that the approval of ETF from HK will play a big role in acheinving ATH for BTC. Speaking of war it really plays an important role as it can cause big dump if war happens. Besides it BTC is not fully prepared for the flight yet, I think we need more volume and more adoption, considering this factor we can count the HK ETFs but still not play a big role, we need something big, maybe something from Elon twitter handle (IYKYK).

HongKong market is smaller than many other markets in the USA, UK, Europe and it makes sense if Bitcoin Spot ETFs in HongKong won't make big impacts on Bitcoin price. Because demands and capital inflow from HongKong Bitcoin Spot ETFs would be small and not big enough to impact on price.

See the chart that shows not too impressive capital flow from HongKong Bitcoin Spot ETFs since start of May 2024.

On the other hand, Bitcoin Spot ETFs in the USA shows some signals of an upward trend after some weeks of negative flows.

Yeah exactly and that is sad reality about I think almost anything we dreamed of achieving. I personally admire those people who has the most patience regardless of what the situation is. Focus is also very important especailly nowadays that distractions are everywhere.

Patience is one of keys to succeed in investment, long term and in this volatile market, it is more important to succeed and get profit. It is not decisive, though, as if you choose a bad asset for your portfolio, your patience and long term holding will only cause nightmare and severe loss of your capital. It's easier to lose 90% and bigger like 98% to 99% of your capital from a peak during a bull market, within 2 years of bear market.

Sum up, people must know importance of patience in investment but they must know one more important, manage to be intelligent investors and choose good, safest asset to invest and hold.

Diversifying your investment portfolio requires that both gold, the dollar and Bitcoin be present. Otherwise, you may need liquidity, and then you may sell Bitcoin for about 30% of its real value. Therefore, comparing Bitcoin and gold is useless, as you need both in your investment portfolio.

Gold is a favorite investment asset with many people especially the elderly or middle aged people but I am quite sure it is not a most favorite choice for young generations. They will be keen on cryptocurrency market in which Bitcoin is a best investment asset for people who prioritize safety of the capital.

Experienced people in this market will allocate main part of their capital in Bitcoin. Because it is strongest survival since 2009, and in a long run its ROI is best.

• https://casebitcoin.com/charts#roi_chart

Altcoinstalks Username: tranthidung
BTC Segwit/Bech32 Wallet Address: bc1qva5j5dltfq63nwd53wzenattsp9gjxu90c5wrh

I wonder in the light of current events (ETH-ETF adoption) - will we see an update of new peaks? It seems to me that the 80k zone on bitcoin and 5k on ETH is quite acceptable. Also try not to overestimate expectations (in case of not achieving the values) so that it would not be so frustrating. 

It will take some months for Bitcoin to complete this correction wave and accumulation phase before we see another blast off months later.

I expect a much higher top than $80k for Bitcoin in this bull run but DCA out within one market cycle and bullish months is a good strategy if you don't want to hold your bitcoin for more than 1 market cycle.

P.S. What's happening in the market right now, I believe is maximum euphoria and it's worth it to lock in gains a bit. With a little bit of risk management. And don't pass the buck while doing so, that's not insignificant. 

During this uncertain and chaotic period of the market, don't use Leverage/ Futures trading. You will increase your risk to be liquidated by exchanges by using leverages, futures.

Glassnode Insights with their latest report has an update on Bitcoin trend accumulation by cohorts.

• Week 18, 2024 report

Accumulation Trend Score
First, we will employ the Accumulation Trend Score to illustrate how investor accumulation patterns have shaped local tops and bottoms since the FTX crash.

During the early stages of both the 2020-21 and 2023-24 bull runs, we can see a confluence between local regimes of distribution (light colours) and intervals of price contraction. As the market rallies to new highs, sell pressure is re-activated, as investors bring dormant supply back into the market to satisfy the inflowing demand.

As spot price reached new ATHs in mid-March, the same pattern of local distribution occurred, which was intensified as news around the conflict in the Middle East broke, causing a correction to $60.3k.

Bull local distribution break-down
If we inspect the breakdown of this metric by wallet sizes, we can complete a more detailed assessment. Here we see a distinct uptick in net outflows 🟥 across all cohorts throughout April, suggesting a consistent sell-side pressure across the board.

I really hope to see this healthy correction and local distribution lasts for a while, like some months to help NUPL to drop further.
https://www.lookintobitcoin.com/charts/relative-unrealized-profit--loss/

Sometimes it's just being distracted by life's necessities that makes me sell some of my bitcoins.
That's the problem we experience when trying to hold on for the long term

You told that you only sold some of your bitcoins and I feel that you actually managed your finance very well.

It's different than many people who use all money they have to buy bitcoins, with hope that they will get good profit months later. If they are unfortunately invest around a start of bear market, that usually lasts about 2 years, their capital will stuck in bitcoin, even drop in value.

At the end, they need money, and have to sell their bitcoins, with loss compares to their entries.

So manage your finance, before investing, is very important.

For withdrawal (selling) of your bitcoins, I recommend you to check this strategy.

• https://bitcoindata.science/withdrawal-strategy

Bitcoin halving, a fourth halving, happened several hours ago at block #840,000. From now, Bitcoin block subsidy will be 3.25 bitcoins for each new block.

Let me emphasize, a halving is a beginning of a bull run, not the end. Stay strong, keep up your belief, and hold your bitcoins tightly.

During the bull market, there will be many big tests and if you have weak hands, you will sell your bitcoins and miss the peak of this big bull run.

Zoom out, you will have stronger confidence for your investment in Bitcoin. With time, a long time frame, for example, 4 year time frame, you can see a super bullish trend. Who can see bearish signals in this bar chart?