- Marathon Digital sold a large portion of its Bitcoin mined in May.
- Franklin Templeton CEO Jenny Johnson says Bitcoin ETFs may receive a new wave of adoption.
- US spot Bitcoin ETFs saw the highest single-day inflows for the first time since March.
Bitcoin (BTC) hit $71,000 on Wednesday as Marathon Digital revealed it sold almost 63% of the coins it mined in May. Meanwhile, US spot Bitcoin ETFs continue to set new records.
Marathon sells amid growth in Bitcoin ETFs
Marathon Digital, the largest Bitcoin miner, revealed in its monthly report on Wednesday that it sold 63% of the total Bitcoin it mined in May.
The firm sold 390 out of the 616 BTC it mined in the month. Some community members have speculated that Bitcoin ETFs may be the buyers at the receiving end of Marathon's transactions.
Also read: Bitcoin could see higher volatility spike if a new all-time high is reached
Bloomberg analyst Eric Balchunas had earlier highlighted that Bitcoin's consolidation over the past few weeks was largely due to Bitcoin ETFs soaking up the selling pressure from profit-taking investors. Marathon Digital may be among these sellers, with the company's report also hinting at more future sell-offs for "general corporate purposes." Several mining companies have come under pressure after speculation that the Bitcoin halving on April 19 will significantly impact their earnings.
In a report on Wednesday, short-selling company Kerrisdale Capital also blasted mining companies. "Bitcoin mining is easily among the worst business models for a public company we have ever encountered," they said.
Read more: Veteran trader sets target for next Bitcoin bull market high
Following this report, Franklin Templeton CEO Jenny Johnson stated that another wave of Bitcoin ETF adoption is coming. She revealed in an interview with CNBC that she is "feeling good" about US Bitcoin ETFs and that her company may also be looking to acquire more market share ahead of future spikes.
"This is really the first wave of the early adopters, and I think the next wave is the much bigger institutions," she told CNBC.
Jenny's statement confirms the wide recognition of the spot Bitcoin ETFs and their continuous growth in market value since their approval in January.
Also read: Bitcoin sets the stage for a potential “destruction of fiat currency“
Spot Bitcoin ETFs also recorded their highest single-day inflows for the first time since March, according to data from Lookonchain. The highest single-day inflow was on March 12, with a total of $1.05 billion invested into the ETFs.
On Tuesday, the second-highest inflow was generated, most of which came from Fidelity and BlackRock, adding $379 million and $274 million, respectively. Based on the data, US Bitcoin ETFs now hold 86% of the global BTC held by Bitcoin's ETFs, with a total worth of $61.74 billion.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP Price Prediction: Bearish technicals, on-chain indicators signal 68% potential crash
XRP faces increasing bearish sentiment from macro, micro and fundamental factors in April. Weak on-chain indicators ranging from network growth, total supply and active addresses reinforce an impending crash.
Bitcoin Price Forecast: Tariff volatility sweeps over $200 billion from crypto markets
Bitcoin price hovers around $83,000 on Thursday after it failed to close above the $85,000 resistance level the previous day. Volatility fueled by Trump’s tariffs swept $200 billion from total market capitalization, liquidating over $178 million in BTC.
SOL is the winner as Solana chain turns into battleground for meme coin launchpad and DEX
Solana (SOL) gains nearly 2% in the last 24 hours and trades at 118.28 at the time of writing on Thursday. A Decentralized Exchange (DEX) and a meme coin launchpad built on the Solana blockchain have waged a war for users and compete for the trade volume on the chain.
Shibarium, built for the Shiba Inu blockchain, reaches 1 billion in transactions in 18 months after its launch
Shibarium, a Layer-2 blockchain for the Shiba Inu ecosystem, reaches 1 billion transactions 18 months after its launch. This milestone reflects growing adoption and Shibarium’s robust performance.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.