Publicly listed Bitcoin miners sold over 40% of the collective coins mined in March, representing the largest monthly BTC liquidation for mining firms since October 2024 and reversing the post-halving trend of accumulating Bitcoin (BTC) for a corporate treasury strategy, according to TheMinerMag, which screened data from 15 publicly traded mining companies.

The increased liquidations come amid widespread macroeconomic uncertainty in financial markets and the business sector, likely signaling that companies are selling their BTC to reduce shortfalls caused by the current economic climate.

Mining firms offloading BTC to cover operational expenses contributes to selling pressure on the cryptocurrency, which can result in a price volatility. According to CoinGlass, Bitcoin posted a 2.3% loss in March, following a 17.39% correction the previous month.

Related: CleanSpark to start selling Bitcoin in ‘self-funding’ pivot

Miners struggle amid macroeconomic turmoil

High costs, operational hurdles, and fierce competitiveness within the Bitcoin mining industry are amplified by the effects of a trade war on businesses, financial markets, and global supply chains.

Kristian Csepcsar, chief marketing officer at BTC mining service provider Braiins, recently told Cointelegraph that producing all of the hardware components used for mining BTC in the United States is not possible.

US President Donald Trump’s tariff policies will impact all aspects of the supply chain, making components and business-to-business services more expensive, eroding miner profitability, Csepcsar said.

Trump’s threats of taxing energy imports also added to the uncertainty facing some US-based mining firms, as energy costs are a critical input in determining profit margins for miners.

Hashlabs CEO Jaran Mellerud predicted that higher costs from trade tensions may benefit mining firms outside the US as hardware manufacturers and resellers offload equipment originally meant for US customers to other jurisdictions at lower prices.

“Importing machines to the US will now cost at least 24% more compared to tariff-free countries like Finland,” Mellerud wrote in an April 8 X post.

The executive concluded that mining Bitcoin in the US will become economically unfeasible if 24% tariffs are levied on mining components. Mellerud also predicted US firms would gradually lose market share as a result of the tariffs.

Magazine: AI may already use more power than Bitcoin — and it threatens Bitcoin mining

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Asset manager Bitwise has listed four Bitcoin (BTC) and Ether (ETH) exchange-traded products on the London Stock Exchange, expanding its presence in the European region.

The listings include the Bitwise Core Bitcoin ETP, the Bitwise Physical Bitcoin ETP, Bitwise’s Physical Ethereum ETP, and the Bitwise Ethereum Staking ETP, according to the April 16 announcement.

The products are available to institutional or otherwise-qualified investors with an accreditation, and not open to retail investors.

Bitwise is applying to launch crypto investment vehicles as digital assets gain a greater foothold in global financial markets, attracting more institutional interest in crypto and increasing the legitimacy of the nascent asset class.

Related: Bitwise doubles down on $200K Bitcoin price prediction amid trade tension

Bitwise expands ETF offerings following a regulatory shift in the US

The resignation of former Securities and Exchange Commission (SEC) Chairman Gary Gensler triggered a wave of crypto ETF applications in the United States.

Asset managers and crypto firms rushed to submit filings in anticipation of a relaxed regulatory regime once Gensler left the agency in January.

Bitwise’s BTC and ETH ETF, which gives investors exposure to both digital assets in a single investment vehicle, was granted preliminary approval by the SEC in January but still requires final approval before listing.

In March 2025, the New York Stock Exchange (NYSE) submitted an application for a rule change to list the Bitwise Dogecoin ETF on the US-based exchange.

If approved, Dogecoin (DOGE) would be the first memecoin with a US-listed investment vehicle and could attract more institutional inflows into the dog-themed social token.

Bitwise also filed for an Aptos ETF in March. The proposed Bitwise Aptos ETF will hold the native cryptocurrency of the high-throughput layer-1 blockchain, APT (APT), and will not feature staking rewards.

Bitwise CIO Matt Hougan predicted Bitcoin ETFs would attract $50 billion in inflows during 2025.

Institutional inflows into crypto ETFs act as a price stabilizer for digital assets with investment vehicles, lowering volatility through a pipeline siphoning capital from traditional investors in the stock market to cryptocurrencies.

Magazine: Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO

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