Bitcoin price steadies after miner sell‑off, while ETF inflows lift April gains

Suara Pecari | Publicly listed Bitcoin miners disposed of more than 32,000 BTC in the first quarter of 2026, a move that could add selling pressure to the market.

The off‑load coincides with an 11.9% rise in Bitcoin price during April, pushing the cryptocurrency close to the $78,000‑$80,500 resistance zone.

Global hash‑rate fell to roughly 1,004 exahashes per second in Q2, reflecting higher mining difficulty and tighter profit margins.

Paraguay emerged as a notable mining hub, contributing about 43 EH/s or 4.3% of the worldwide total, thanks to cheap hydroelectric power.

A prediction market for Bitcoin’s all‑time‑high by 31 December 2026 shows a 17.5% “YES” probability, up slightly from 16% in the previous day but still below the 18% level a week earlier.

Analysts interpret the miner sell‑off and hash‑rate dip as moderate downside pressure, supporting the view that a new all‑time‑high remains unlikely in the near term.

April saw Bitcoin climb from near $66,000 to approximately $78,000, marking its strongest monthly gain in a year.

U.S. spot Bitcoin ETFs attracted $2.44 billion in net inflows during the month, almost double the $1.32 billion recorded in March.

BlackRock’s iShares Bitcoin Trust captured over 70% of these inflows, reinforcing institutional interest in the asset.

Technical analysts highlight the $78,000‑$80,500 band as a critical test; a breakout above $80,500 could invalidate the prevailing bearish channel.

Trader Daan Crypto Trades noted that the end of a five‑month red streak and the emergence of two green candles offered market participants a degree of relief.

Conversely, strategist Merlijn The Trade warned “sell in May and go away,” citing historical May corrections that have erased 60%‑plus of gains in prior cycles.

Support levels around $75,000 have held recently, while a failure at $80,000 could push the price toward $70,000 or even the $66,300 trough.

Options pricing indicates only a 25% chance of Bitcoin reaching $84,000 by the end of May, underscoring lingering uncertainty.

CryptoQuant data shows a net demand deficit of about 44,700 BTC, an improvement from the 89,000‑BTC shortfall at the start of April.

Exchange netflows recorded an accumulation of roughly 1,995 BTC from 1 May, suggesting modest buying pressure from retail participants.

Macro‑economic factors such as Federal Reserve policy ambiguity, geopolitical tensions, and volatile oil prices continue to weigh on market confidence.

The Crypto Fear & Greed Index remained at 39, indicating that optimism has not fully recovered despite the price rally.

Environmental, social, and governance (ESG) considerations are becoming increasingly decisive for mining finance, especially in regions with strict emissions standards.

Regulatory scrutiny is intensifying, with potential statements from SEC Chair Gary Gensler or Federal Reserve Chair Jerome Powell expected to influence market sentiment.

Stakeholders are advised to monitor energy‑cost trends, especially in low‑cost jurisdictions like Paraguay, which could reshape global mining dynamics.

Investors should also watch for further ETF inflow data, as sustained institutional demand could provide a floor for price levels.

Overall, Bitcoin price remains volatile, balancing between institutional inflows, miner supply pressure, and broader macro‑economic headwinds.

The market’s moderate odds of a new all‑time‑high suggest cautious optimism, while technical resistance and historical seasonal patterns keep downside risks in view.

In summary, Bitcoin price is buoyed by strong ETF inflows and a brief rally, yet miner sell‑offs and a declining hash‑rate temper expectations for a swift breakthrough.