Kraken Observes Bitcoin’s Critical Juncture Amid ETF Outflows and Miner Strains

Bitcoin is currently testing a pivotal support level around $102,001, following a 7.72% weekly decline. The cryptocurrency is retesting the 50-week SMA at $102,980, a historically significant level that preceded all-time highs in 2023-2024. Traders are closely monitoring whether Bitcoin can secure a weekly close above $103,200 to confirm bullish momentum. However, the outlook is clouded by descending trendline resistance and substantial ETF outflows, totaling $2.3 billion since peak levels. Additionally, the mining sector is under severe pressure as the hash price has plummeted to $42/PH/s, raising concerns about miner sustainability. This confluence of factors makes the current moment a critical juncture for Bitcoin's near-term trajectory.

Bitcoin Tests Key Support Amid ETF Outflows and Miner Pressures

Bitcoin hovers NEAR $102,001 after a 7.72% weekly drop, retesting the 50-week SMA at $102,980—a level that previously preceded all-time highs in 2023-2024. Traders watch for a weekly close above $103,200 to confirm bullish momentum, but descending trendline resistance and $2.3 billion in ETF outflows since peak levels weigh on sentiment.

The mining sector faces existential pressure as hash price plunges to $42/PH/s, nearing post-halving break-even costs. Major firms like Cipher Mining and IREN pivot to AI infrastructure deals totaling $15.2 billion with Amazon and Microsoft, while Bitdeer shifts to self-mining strategies.

Onchain activity reveals stark contrasts: trader James Wynn booked $85,380 profit on a 40x short, while Owen Gunden moved 600 BTC ($61.17M) to Kraken—potentially signaling divergent views on near-term direction.

Bitcoin User Incurs $105K Fee on $10 Transaction Due to Input Error

A Bitcoin trader inadvertently paid a staggering $105,000 fee for a $10 transaction this week. The error occurred when the user manually set a fee of 0.99 BTC instead of the nominal amount required for network processing. At current market prices, this represents an overpayment exceeding 100,000 times the typical transaction cost.

The transaction was processed by Kraken, with the exorbitant fee ultimately collected by a mining pool. While miners occasionally return such accidental payments, the verification process remains cumbersome. This incident underscores the critical importance of using automated fee estimators in cryptocurrency wallets.