Bitcoin enjoys bullish start to week, but miners may emerge as headwind

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Proactive Investors – (BTC) climbed 2% against the US dollar in this morning’s Asia trading window, signalling a bullish start to the week.

But at slightly below $63,000, the world’s largest cryptocurrency is still around 3.3% lower week on week, as the market is “gradually entering dull seasonality from June onwards”, said analysts at ETC Group.

They continued: “It appears as if the market is currently lacking new positive catalysts after the US and Hong Kong spot ETF approvals and the bitcoin Halving.

“Moreover, we are gradually entering dull seasonality from June onwards as the summer months have historically shown below-average returns for bitcoin in the past.”

According to ETC, increasing recession risks in the US could provide a seasonal headwind “as our own analyses still imply that bitcoin’s performance continues to be dominated by global growth expectations”.

Bitcoin could also face selling pressure from the miners who have seen their daily rewards slashed after the Halving.

Data shared by ETC shows that daily aggregate miner revenues have dropped from around $72 million before the April Halving to just $28 million today.

On the bright side, exchange-traded fund inflows returned to the upside last week, clocking in at around $25.7 million net following more than $372 million in outflows the week prior.

(ETH), the second-largest cryptocurrency, has tapered off with a 6.8% week-on-week dip against the US dollar.

In the broader altcoin space, (SOL), (XRP) and (ADA) have seen mid-single-digit losses over the past seven days, while (DOGE)’s losses have extended above 10%.

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