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NEW YORK - Bitcoin miners are transferring substantial amounts of the cryptocurrency to exchanges, with outflows reaching a level not seen for several months, indicating a possible increase in selling pressure. This uptick in miner activity comes amidst a notable development in the investment landscape: the approval of several Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC).

The SEC's green light for Bitcoin ETFs is considered a positive step for the cryptocurrency market, as it may draw more investors to the digital asset class. These exchange-traded funds provide a regulated and potentially less risky avenue for investment in Bitcoin, which could counterbalance any negative sentiment arising from the increased miner outflows.

Additionally, the Bitcoin network's hashrate, a measure of the computational power dedicated to mining and processing transactions, has reached new all-time highs. This surge in hashrate reflects heightened mining activity and competition, which often translates to increased operational costs for miners. As a result, miners may be incentivized to sell Bitcoin to cover these expenses, contributing to the observed outflows.

https://www.investing.com/news/cryptocurrency-news/bitcoin-miner-outflows-hit-multimonth-peak-as-etfs-gain-sec-nod-93CH-3273879