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Bitcoin miners are signaling confidence in the market’s future, as evident from the latest data showing a notable decrease in their selling activities. Glassnode’s recent chart highlights this trend, with a significant reduction in the 30-day percentage of mined supply sold by miners, who now hold $62 million worth of Bitcoin. This adjustment follows the halving event in April 2024, which saw miners initially increase their sales to cover operational costs due to the reduction in block rewards.
The chart also reveals a recovery in miner balances, which are now on an upward trajectory, indicating a strategic shift towards retaining Bitcoin amidst a bullish market outlook. The black line representing miner balances (minus Patoshi) climbs, suggesting miners are increasingly opting to hold onto their mined Bitcoin for potential future gains.
This strategic shift mirrors historical patterns where miners have tended to hold more during periods of market optimism. With the Bitcoin price also showing a steady rise, as depicted by the orange line on the chart, the current behavior underscores miners’ belief in Bitcoin’s continued value growth, encouraging them to accumulate more and sell less of their newly mined coins.
