After dropping below $29K at one point, bitcoin regained ground to hold just above this threshold. PLUS: Outflows to BTC investment products rise, a sign of waning sentiment. But at least the mining industry is rallying. By TheSamReynolds, JPRubin23
, crypto asset manager. Digital asset funds overall witnessed weekly outflows of $6.5 million after gaining $742 million of inflows through the previous four weeks. The trend turnabout came as BTC investors have seemingly run out of positive news to bid on after some major catalysts in recent weeks.
, up five-fold from June 2021. And a number of miners have returned to report healthy margins, especially those that have access to cheap energy like TeraWulf and CipherMining , whose gross margins in Q1 2023 exceeded 60% .
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