Key takeaways:
Improved Bitcoin mining profitability and massive ETF inflows have calmed investors’ fears that miner selling could cap BTC price.Bitcoin dominance hits its highest level since July 2025 as investor interest shifts away from struggling altcoin sectors.
Bitcoin (BTC) surged to $80,000 for the first time in three months on Monday, triggering $270 million in liquidations across leveraged short (sell) futures contracts. This positive momentum for Bitcoin coincided with tech stocks jumping to an all-time high, signaling a broad risk-on environment. Currently, three key indicators point to further upside momentum for Bitcoin.
Nasdaq 100 futures (left) vs Bitcoin/USD (right). Source: TradingView
Bitcoin’s price action maintained a tight correlation with the tech-heavy Nasdaq 100 Index. Yet while the US stock market nears its highest-ever level, Bitcoin sits 36% below its $126,200 peak from October 2025.
Bitcoin Hashprice Index by Luxor, USD. Source: HashrateIndex
Profitability for Bitcoin miners has also improved. The expected daily return for 1 pentahash/second has climbed to $37, a high not seen since Jan. 30. This shift is crucial because the total hashrate has dropped 13% over the last quarter. Major publicly listed mining firms have recently liquidated their Bitcoin treasuries to reduce debt and support AI data center investments.
Bitcoin miners, ETF flows and options demand back BTC’s momentum
For a time, traders feared that a decline in network hash power would spark additional sell pressure. Data from BGometrics shows miner reserves hitting 10-year lows and on Thursday, Riot Platforms (RIOT US) confirmed that it sold $250 million in Bitcoin last quarter. Fortunately, the recent jump in mining profitability is beginning to alleviate these structural concerns.
Bitcoin market share, excluding stablecoins. Source: TradingView / Cointelegraph
Bitcoin’s market share, excluding stablecoins, has jumped to its highest level since July 2025. This move reflects a declining demand for memecoins, governance tokens, and blockchain applications in general. Reduced interest in decentralized exchanges and…
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