BTC traders could be in soup as Bitcoin oscillates between red and green

As of 1 May, BTC's hashrate reached a new all-time high of 473.87 EH/s. The spike in hashrate could be attributed to the rising Bitcoin ordinal inscriptions. However, despite this, BTC traded in the red at the time of writing.

translate to higher miner revenue. This explains why Bitcoin’s hash rate increased as miners added more hash rate to take advantage of the revenue-generating opportunities. Glassnode’s miner revenue metric confirmed the same.Miner revenue soared to a new six-month high on 1 May. If you are like most, you are probably wondering whether the Bitcoin ordinals will have an impact on.

A closer look at Bitcoin’s on-chain data confirmed that the transaction count has been on the rise for the last few days. However, the situation is different for miner reserves, which, at press time were down to their lowest level in the last three months.Dwindling miner reserves are usually not considered a healthy sign for the market. This is because it shows a lack of incentives for miners to hold, which aligns with the prevailing market sentiment.

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