bullish

2024

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-miners-increase-holdings-significantly" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Miners Increase Holdings Significantly</a><br></p>
<p style="text-align: justify">In the evolving landscape of cryptocurrency, a significant shift has emerged. Valentin Fournier, the chief analyst at BRN, has identified a new phase in <a href="https://en.bitcoinhaber.net/bitcoins-price-decline-triggers-selling-frenzy" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> miners’ accumulation tactics. Data from CryptoQuant reveals a marked rise in the seven-day moving average of Bitcoin inflows to miners’ wallets. This pattern suggests that miners are both retaining their mining rewards and purchasing Bitcoin directly from the marketplace.</p>
<h2 id="what-does-mining-data-reveal">What Does Mining Data Reveal?</h2>
<p style="text-align: justify">Fournier observed that the Hash Ribbon signal, which marks the end of miner capitulation and an uptick in mining power, has been activated. This signal is widely regarded as a long-term bullish sign for Bitcoin. Reflecting this trend, Marathon Digital, now known as MARA, has recently acquired an additional $100 million in Bitcoin.</p>
<p style="text-align: justify">Miners’ growing confidence in Bitcoin’s long-term value could significantly impact market dynamics. Fournier posits that this optimism may prompt <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> to continue their Bitcoin investments. Key factors currently driving this trend include a favorable PCE announcement, Donald Trump’s endorsement of Bitcoin at the Bitcoin 2024 event, and decreased selling pressure from Mt. Gox and Grayscale ETF. Collectively, these elements point towards Bitcoin’s potential to reach new all-time highs.</p>
<p style="text-align: justify">CryptoQuant’s data shows that over 1,900 Bitcoins were added to miner wallets in the past week alone, encompassing both mining rewards and market purchases. This substantial inflow highlights miners’ strategies to accumulate Bitcoin, anticipating future profit gains.</p>
<h2 id="how-does-trump-s-support-affect-bitcoin">How Does Trump’s Support Affect Bitcoin?</h2>
<p style="text-align: justify">Donald Trump’s backing of Bitcoin stands out as a critical development. At the Bitcoin 2024 event in Nashville, Trump expressed his belief in Bitcoin’s potential to surpass gold in market value, though he cautioned that significant historical opportunities and time would be required. His plans to boost the US energy supply and decrease international energy dependence further reinforce his positive outlook on Bitcoin.</p>
<p style="text-align: justify">HashKey Global General Manager Ben El-Baz commented on Trump’s vision, emphasizing that it includes maintaining US leadership in <a href="https://futurearticles.co/openai-gpt-4o-vs-anthropic-claude-3-5-who-will-win-the-duel/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">artificial intelligence</a> and Bitcoin. He added that achieving a $1 million price for Bitcoin is not beyond the realm of possibility.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">Investors can draw several valuable inferences from the current trends in Bitcoin mining:</p>
<ul>
 <li>Increased Bitcoin inflows to miners’ wallets signal strong bullish sentiment among miners.</li>
 <li>Marathon Digital’s $100 million Bitcoin purchase reflects growing confidence in long-term value.</li>
 <li>Reduced selling pressure from entities like Mt. Gox and Grayscale ETF favors potential price increases.</li>
 <li>Trump’s endorsement and energy policies may further bolster Bitcoin’s market position.</li>
</ul>
<p style="text-align: justify">In conclusion, the latest data and influential endorsements suggest that Bitcoin is poised for significant growth, with miners leading the charge in accumulation and confidence in the cryptocurrency’s future.</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-miners-increase-holdings-significantly" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Miners Increase Holdings Significantly</a></h5>

Bitcoin Miners Increase Holdings Significantly

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