Bitcoin (BTC) miners took a hit in March, with profitability falling 7.4% as the price of the world's largest cryptocurrency slid lower, according to a monthly update from Jefferies Financial Group (NYSE:JEF). The average price of Bitcoin dropped 11.2% during the month, and transaction fees declined 9.1%, adding further pressure to mining margins.

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Despite the dip in profitability, U.S.-listed miners produced 3,534 Bitcoin in March, up from 3,002 in February. MARA Holdings (NASDAQ:MARA) led production with 829 BTC mined, followed by CleanSpark (NASDAQ:CLSK) with 706. MARA also reported the largest installed hashrate at 54.3 exahashes per second, ahead of CleanSpark's 42.4.

Looking to April, Bitcoin prices have held steady even as the S&P 500 dropped roughly 6%. Jefferies notes that a weaker U.S. dollar could be supporting Bitcoin's relative strength in recent weeks. Still, year to date, Bitcoin is down around 10%, currently trading at approximately $84,800.

Meanwhile, investor sentiment is shifting fast. Bitcoin ETFs have seen more than $800 million in outflows so far in April, continuing a trend that saw $767 million exit in March and $3.56 billion in February. Institutional investors are moving into safer territory like U.S. Treasuries as market volatility rises. A recent three-month Treasury auction drew strong demand, suggesting bonds remain the preferred haven.

Driving the anxiety: renewed uncertainty tied to President Donald Trump's evolving tariff policy and the trade standoff with China. As recession odds creep higher and global bond yields rise, riskier assets like crypto are feeling the heat.

This article first appeared on GuruFocus.

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