1 min readA resilient crypto market post-halving
Post-halving dynamics reveal a resilient crypto market: Bitcoin miners rebounded by 26%, and now down only 13% year-to-date. Hash prices, a measure of miner profitability soared post-halving, peaking at $110/ph/day before plummeting as broadly expected to the current $63, while Bitcoin prices are flat. Hash rate remains volatile, averaging 640 exahash, higher than where it was pre-halving, highlighting that the expected turning off of rigs hasn’t happened yet.
Amidst this, our Fund Manager Survey highlights enduring confidence in Bitcoin's growth, with 41% of investors favouring it over other digital assets. Crypto allocations climbed to 3%, with altcoins like Solana gaining traction, yet barriers to entry persist for some investors.
Transitioning to macroeconomic data, recent releases depict a divergent landscape: while new home sales held steady and GDP growth in Q1 is forecasted at a solid 2.6% pace, S&P PMIs, a measure of corporate confidence, missed expectations.
