Investment analysts: "Miners are hoarding Bitcoin" indicates continued optimism about the future.

Valentin Fournier, an analyst at Singapore-based investment advisory firm BRN, said in an interview that in addition to accumulated mining rewards, mining companies seem to also purchase Bitcoin accumulated reserves directly from the market. “They triggered the Hash Ribbons indicator , a long-term bullish indicator that highlights the end of miner capitulation and the increase in processing power used to mine Bitcoin.”

• Note: Hashband Indicator – The Hashband indicator is a tool used in Bitcoin trading. It consists of two simple moving averages (SMA) of Bitcoin hashrate: the 30-day and 60-day SMA. A downward crossover between the short-term moving average and the long-term moving average signals the beginning of the capitulation period, while an upward crossover signals the end of the capitulation period. This indicator helps traders identify potentially favorable buying opportunities and predict market bottoms based on miner activity.

Miners stop selling Bitcoin and keep buying

Mining company Marathon Digital issued a statement stating that it purchased $100 million in Bitcoin. The company currently holds more than 20,000 Bitcoins on its balance sheet, currently worth $1.28 billion. The company’s Bitcoin holdings among U.S. listed companies are second only to MicroStrategy.

Miners such as Marathon Digital have regularly sold Bitcoin over the past year. But now Marathon Digital has announced that it will start HODL mode, which means they will stop selling.

According to CryptoQuant , the 7-day moving average of coins flowing into miners’ wallets increased sharply. Over the past week, more than 1,900 Bitcoins have flowed into miner wallets, including Bitcoins received as mining rewards, as well as Bitcoins recently purchased by miners through the market.

Are there signs that Bitcoin is about to reach ATH?

Fournier said: "Friday's cooling PCE data, Trump's speech at Bitcoin 2024, and the easing of selling pressure on Mt. Gox and Grayscale ETFs suggest that a strong rebound will push Bitcoin to new highs."

Ben El-Baz, global managing director at HashKey, said: “The main catalyst for Bitcoin’s development right now is Trump’s transformation into a major advocate of cryptocurrencies.” El-Baz said: “Trump believes that Bitcoin’s future market value has potential. Beyond gold, although that takes a lot of historical opportunity and a long time.”

( Super central bank debuts this week, Trump effect Bitcoin once broke through the 70,000 mark )