Bitcoin

April

Despite widespread speculation and fear, uncertainty, and doubt (FUD) in the cryptocurrency community, <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/">US</a> Bitcoin <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/">mining companies</a> are not liquidating their holdings before the upcoming <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a> in April 2024. This period of the Bitcoin cycle has traditionally led to increased market volatility and speculation about miners' strategies. However, recent on-chain data suggests that major US mining firms, contrary to fears, are accumulating and holding onto their Bitcoin. Ki Young Ju, co-founder of CryptoQuant, highlighted that firms like <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Blockchain and <a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/">Marathon</a> Digital have been growing their Bitcoin reserves, indicating a bullish outlook on the post-halving market, according to <a href="https://99bitcoins.com/no-us-bitcoin-mining-companies-are-not-liquidating-before-halving/">99bitcoins</a>. 
The cryptocurrency markets have seen explosive growth, reaching new all-time highs (ATH) ahead of the halving, driven by anticipation around spot Bitcoin ETFs and the halving event itself. This has led to concerns that US <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a> might sell into this strength, potentially triggering a sell-off. However, the analysis by Ju reveals a different scenario where key mining players are actually holding their coins. For instance, Marathon Digital holds over 16,000 BTC, and Riot Blockchain controls more than 8,000 BTC, underscoring their confidence in Bitcoin's future value. 
This trend is in stark contrast to the last halving in 2020, where an increase in miner selling activity was noted. Miners often sell portions of their mined coins to fund operations or take advantage of price rallies, but the current data shows a more cautious approach, focusing on long-term holding. The strategies of these miners reflect a broader belief in Bitcoin's potential for significant price growth post-halving. 
As the halving event approaches, it's possible some miners might begin selling into the strength, but it's challenging to predict exactly how this will play out due to the unpublished nature of much of this data. Regardless, the market dynamics are unique this cycle, with Bitcoin achieving new ATHs pre-halving for the first time, driven by institutional inflows and speculation. The presence of spot Bitcoin ETFs and substantial investments from corporate entities further complicates the situation, potentially mitigating any negative impact from increased miner selling.

US Bitcoin Miners Not Selling Pre-Halving, Data Shows Stability

Ultramining_Eng

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