Bitcoin Mining Profitable Again at $37/PH as BTC Hits $80,000
Bitcoin's surge past $80,000 triggered ₱16.66 billion ($270 million) in liquidations across leveraged short futures contracts, while mining profitability returned to January levels. The rally comes as Bitcoin's market share hits nine-month highs and institutional demand for spot Bitcoin ETFs accelerates.
Key Takeaway
Miners turning profitable again signals reduced sell pressure as Bitcoin dominance hits nine-month highs.
Bitcoin climbed above $80,000 for the first time in three months on Monday, according to data from Luxor's Bitcoin Hashprice Index. The rally forced ₱16.66 billion ($270 million) in liquidations across leveraged short futures contracts. Bitcoin still sits 36% below its October 2025 peak of $126,200, but the return to $80,000 comes as the Nasdaq 100 Index hits all-time highs with tight correlation to BTC price action.
Hashrate dropped 13% over the last quarter as miner reserves hit 10-year lows, according to BGometrics data. Public miners like Riot Platforms sold ₱15.42 billion ($250 million) in Bitcoin last quarter. But with profitability back at January levels, the pressure to liquidate reserves may ease.
Bitcoin's market share jumped to its highest level since July 2025, excluding stablecoins. CoinShares reported combined assets under management for Bitcoin and Ether exchange-traded products reached ₱9.07 trillion ($147 billion) as of April 27. Solana and XRP ETPs both failed to break above ₱185.08 billion ($3 billion) in AUM. Bitcoin and Ethereum account for 95% of the major altcoin institutional ETP market.
US-listed spot Bitcoin ETFs pulled in $630 million in net inflows on Friday. Demand for call option premiums exceeded put options by 24% on Monday, according to Deribit data charted by Laevitas, signaling traders expect the rally to continue into the week ahead. Bitcoin traded at $80,258 on Monday, up 2.88%, while Ethereum gained 1.19% to $2,361.
This article was written based on reporting from Cointelegraph.
