The Bitcoin blockchain's mining difficulty increased by 13%, but industry experts say operators are still looking at fat profits ahead.
The data doesn't necessarily indicate that the traders are betting on price declines.
The rally may not be sustainable, according to Arcane Research.
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Expectations are rising for the blockchain to implement smart-contract functionality by next month.
The plan to add smart contracts next month could defy skeptics who have bet that the functionality wouldn't come anytime soon.
Analysts said the market doesn't have much of an appetite now for bitcoin above $46,000 or for a massive selloff.
Resistance near $50,000 to $55,000 could stall the recovery given short-term overbought signals.
The latest rally took bitcoin's year-to-date return to 48%, far exceeding the Standard & Poor's 18% gain.
The ether-bitcoin price ratio has broken out to the upside – possibly an indication of a more buoyant risk-taking mood among crypto traders.
Digital assets like livepeer, helium and bittorent have soared in value this year despite the recent slump in cryptocurrencies.
Enactment of the bill, if it is passed and signed into law, is still far off.
The changing trading patterns in USDT might be the result of China's recent crackdown on cryptocurrency mining and trading.