Will Canny is CoinDesk's finance reporter.
BTC miners show signs of decoupling from the cryptocurrency's price as the halving event raises questions about profitability, Canaccord wrote.of spot exchange-traded funds , the impending reward halving and an appetite for increased risk in financial markets, broker Canaccord Genuity said in a research report on Thursday.
“While the macro outlook and timing of potential rate cuts remain uncertain, the upcoming halving event could add to the ETF tailwinds for bitcoin,” analysts led by Michael Graham wrote, adding that “for the rest of the ecosystem, activity levels continue to rebound from 2023 lows.” Theis expected in April. Canaccord says it is encouraged by the Securities and Exchange Commission’s approval of 11 U.S. spot bitcoin ETFs in the quarter.
Publicly traded miners underperformed bitcoin in the first quarter, showing signs of decoupling from the cryptocurrency's price, the report noted. Canaccord said next month's halving has introduced uncertainty about the profitability of some miners, and spot ETFs have given equity investors an alternative means of gaining exposure to the world’s largest cryptocurrency.
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