Bitcoin has experienced significant volatility in recent months, with its price fluctuating between $25,000 and $30,000, making risk-averse investors cautious. However, there has been a notable increase in activity on the Bitcoin network, potentially due to the growing popularity of Inscriptions and Ordinals, which have facilitated the integration of NFTs on the Bitcoin network. This increased network activity is expected to benefit miner revenue, but the rising difficulty of Bitcoin mining could pose a threat to miners due to decreased profitability and increased operational costs. Despite the market fluctuations, traders remain willing to make bets on BTC's future, as indicated by the sustained level of Open Interest for Bitcoin.
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