Daily Crypto News

Publicly-Traded Bitcoin Miners’ Accumulation Goes a Notch Higher

As Bitcoin (BTC) surpassed the $55K level for the first time since May, publicly-traded, miners have been cashing in because they have been in an accumulation stage.

Microstrategy CEO Michael Saylor said:

“In September, Riot Blockchain mined 406 BTC, sold none of its production, and ended the month with 3,534 BTC on its balance sheet. Publicly traded Bitcoin miners aren’t selling BTC; they are accumulating. The game has changed.”

Riot Blockchain is a Nasdaq-listed Bitcoin mining and hosting company.

Generally, BTC miners have been accumulating more holdings, as endorsed by market analyst Will Clemente.

“After a few weeks of selling, Bitcoin miners have started accumulating again.”

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Meanwhile, Institutional investors continue to show their confidence in Bitcoin based on their holdings. Reportedly, Bitcoin in public company treasuries recently surpassed 200,000 BTC.

Long-term holders own the largest Bitcoin sovereign supply

According to an on-chain analyst under the pseudonym TXMC:

“Bitcoin long-term holders now own the highest % of sovereign supply in history: 80.9%. Sovereign supply is the total supply not on exchanges.”

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BTC supply on exchanges has been nosediving because it recently hit a 28-month low. Therefore, a holding culture was presented, given that Bitcoin is transferred to digital wallets and cold storage for future purposes.

Meanwhile, short-term holders are buying BTC at breakeven, and this is prompting a price rally. TXMC explained:

“When Short-Term Holders dig themselves out of loss and begin buying coins at breakeven, shown here as a bounce off the black line, it often preludes a price rally. Paper hands are flushed out, and new buyers grab what they perceive as a value price.”

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Long-term holder supply shock reached a record-high earlier this month, suggesting Bitcoin price could surge in coming months. 

Image source: Shutterstock


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