Bitcoin bullish momentum to persist despite miners sell-off, CryptoQuant CEO says

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Miners have seemingly began offloading their Bitcoin holdings because the fourth halving approaches, CryptoQuant notes.

As Bitcoin (BTC) maintains its bull run and the fourth halving nears, miners have began promoting their holdings within the cryptocurrency, monetizing their enterprise operations to purchase extra tools for profitability. In an X post on Mar. 13, CryptoQuant CEO Ki Younger Ju revealed a graph of miners’ promoting exercise since 2012, noting that this time “bull market would proceed until ETF [exchange-traded fund] influx slows down.”

In a follow-up put up, the CryptoQuant CEO noted that U.S. mining firms aren’t the primary Bitcoin sellers to date, suggesting that the highest sellers “are probably offshore or older miners.”

Bitcoin miners usually promote their holdings earlier than halvings to safe earnings, mitigate worth volatility dangers, diversify their property, and reinvest in mining infrastructure, resulting in elevated market volatility main as much as and following halvings.

Analysts, nevertheless, are assured that even the elevated promoting exercise by miners is unlikely to impede Bitcoin’s upward momentum, given the substantial influx of recent capital by way of spot ETFs. Coinbase Analysis analysts have prompt that the present worth surge “is simply the start of an extended bull run,” including that “multi-billion greenback web inflows [into spot Bitcoin ETFs] in simply two months have irrevocably altered the panorama.”

Bitcoin bullish momentum to persist despite miners sell-off, CryptoQuant CEO says - 1
Bitcoin miners’ shares | Supply: Hashrate Index

Regardless of Bitcoin miners achieving document each day revenues of $78.6 million, surpassing the earlier peak set throughout the 2021 bull market, the efficiency of public mining firms paints a special image.

Hashrate Index knowledge reveals that out of the 26 public Bitcoin miners, solely three have posted optimistic returns year-to-date: CleanSpark (CLSK) with a 51.5% acquire, Investview (INVU) with a 25.7% enhance, and Northern Information (NB2.DEX) with a 7.52% rise. As crypto.information reported earlier, Bitcoin’s fourth halving is anticipated to reach in mid-April this yr, slicing the block reward from 6.25 BTC to three.125 BTC.

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