Despite the halving, Bitcoin miners are surprisingly holding on to their assets rather than selling. With block rewards reduced to 3.125 BTC per block, typical expectations would indicate selling to cover costs, but on-chain data reveals stable reserves.
Miners seem to be shifting their strategy toward long-term investment, preferring to wait for higher prices before making any sales. Historical data shows little change in miner reserves, which usually precedes price increases.
The Puell Multiple reflects that miners are neither under stress nor overly hopeful, suggesting they are comfortable holding their BTC. This trend indicates ongoing confidence in Bitcoin’s future potential upside.
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