Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-mining-behemoths-expand-holdings-as-sell-offs-subside" rel="noopener noreferrer nofollow">Bitcoin Mining Behemoths Expand Holdings as Sell-Offs Subside</a><br></p>
<p style="text-align: justify">Recent data from CryptoQuant indicates that major US <a href="https://en.bitcoinhaber.net/the-future-of-bitcoin-and-gold-competition-according-to-bloomberg-analyst" rel="noopener noreferrer nofollow">Bitcoin</a> mining corporations are continually growing their Bitcoin (BTC) holdings, which has contributed to the cryptocurrency’s price surging past $45,000. The accumulation of BTC by these firms suggests a reduction in selling activity, which traditionally bolsters the price of the digital asset.</p>
<h2 id="miners-exhibit-reduced-selling-activity">Miners Exhibit Reduced Selling Activity</h2>
<p style="text-align: justify">CryptoQuant’s analysis displays that public Bitcoin mining entities, like Marathon Digital, are on an upward trend with their Bitcoin reserves, reinforcing their confidence in the cryptocurrency’s value. This accumulation aligns with a broader decrease in miner selling pressure which is currently supporting the rise in Bitcoin’s market price.</p>
<h2 id="drop-in-bitcoin-miner-sales-and-network-fees">Drop in Bitcoin Miner Sales and Network Fees</h2>
<p style="text-align: justify">A weekly overview by CryptoQuant highlights a significant decline in Bitcoin sales from miners since the high selling period of November and December 2023. Additionally, despite a 90% reduction in earnings from Bitcoin network fees, miners have not resorted to diminishing their BTC reserves, showcasing resilience amidst lower network revenues.</p>
<p style="text-align: justify">The downswing in network fees is attributed to a decrease in network utilization, including a reduction in Bitcoin transactions and the creation of BRC-20 tokens. This has correspondingly led to a dip in transactions processed on the Bitcoin network.</p>
<p style="text-align: justify">As Bitcoin trades around $45,296, market spectators anticipate that maintaining above the $45,000 mark could set the stage for a rise towards $48,000 and potentially beyond the $50,000 threshold, should the current trends persist.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-mining-behemoths-expand-holdings-as-sell-offs-subside" rel="noopener noreferrer nofollow">Bitcoin Mining Behemoths Expand Holdings as Sell-Offs Subside</a></h5>

Bitcoin Mining Behemoths Expand Holdings as Sell-Offs Subside

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