{"id":15647,"date":"2024-07-29T17:03:52","date_gmt":"2024-07-29T14:03:52","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-miners-shift-towards-accumulation-analyst-observes\/"},"modified":"2024-07-29T17:03:52","modified_gmt":"2024-07-29T14:03:52","slug":"bitcoin-miners-shift-towards-accumulation-analyst-observes","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-miners-shift-towards-accumulation-analyst-observes\/","title":{"rendered":"Bitcoin Miners Shift Towards Accumulation, Analyst Observes"},"content":{"rendered":"

Companies mining the leading cryptocurrency appear to have embarked on a new phase of coin accumulation, aiming to benefit from potential asset growth. This was stated by BRN analyst Valentin Fournier in a conversation with The Block<\/a>.\u00a0<\/p>\n

According to the expert, besides accumulating mining rewards, major players seem to be purchasing bitcoin directly from the market to bolster their reserves.<\/p>\n

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“They have triggered the Hash Ribbons \u2014 a long-term bullish indicator suggesting the end of miner capitulation and an increase in computing power used for mining digital gold,” he added.<\/p>\n<\/blockquote>\n

Fournier explained that such market participant behavior indicates confidence in the long-term prospects of the leading cryptocurrency. In this scenario, traders tend to continue investing in bitcoin, focusing on several strong growth catalysts, the expert added.\u00a0<\/p>\n

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“The release of the cooling PCE<\/span> on Friday, Trump’s speech at Bitcoin 2024, as well as the easing of [selling] pressure from Mt.Gox and the ETF from Grayscale, indicate that a strong rally will lead bitcoin to a new high,” explained the BRN analyst.<\/p>\n<\/blockquote>\n

According to CryptoQuant<\/a>, the seven-day moving average of coin inflows into miner-affiliated wallets has surged. Over the past week, more than 1900 BTC (~$132.5 million) have been sent to these addresses.\u00a0<\/p>\n

\"Bitcoin
7 DMA of coin inflows into miner wallets. Data: CryptoQuant.\u00a0<\/figcaption><\/figure>\n

Ben El-Baz, Managing Director of HashKey Global, considers the main catalyst for bitcoin’s growth to be U.S. presidential candidate Donald Trump’s decision to become a leading supporter of cryptocurrency.<\/p>\n

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“Trump believes that bitcoin has the potential to surpass gold in market value in the future, although this will require numerous historical opportunities and a long period,” the expert emphasized.<\/p>\n<\/blockquote>\n

Referring to the politician’s recent speech at a conference in Nashville, El-Baz added that the former president plans to increase energy supplies and develop the domestic shale oil market to reduce dependence on international energy sources, “thus ensuring U.S. leadership in artificial intelligence and bitcoin.”<\/p>\n

If this scenario unfolds and the leading cryptocurrency is included in the U.S. strategic reserve, the coin could soar to $1 million, suggested the Managing Director of HashKey.\u00a0<\/p>\n

Previously, MARA (formerly known as Marathon Digital) increased its bitcoin holdings to 20,000 BTC (~$1.3 billion). The mining company additionally spent $100 million for these purposes.<\/p>\n

Earlier, Bernstein positively assessed the impact of the “Trump factor” on digital gold mining companies.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Companies mining the leading cryptocurrency appear to have embarked on a new phase of coin accumulation, aiming to benefit from potential asset growth. This was stated by BRN analyst Valentin Fournier in a conversation with The Block.\u00a0 According to the expert, besides accumulating mining rewards, major players seem to be purchasing bitcoin directly from the […]<\/p>\n","protected":false},"author":1,"featured_media":15646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1137,1145,1138],"class_list":["post-15647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cryptocurrency-mining","tag-market-analysis","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15647"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15646"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}