Summary
In a recent analysis by Galaxy analyst Kelly Greer, data from NYDIG shows a clear change in the behavior of publicly traded Bitcoin miners over the past two years. The chart shows a significant decline in the amount of Bitcoin sold by these miners, indicating a transition from net sellers to net buyers. According to Greer:
“Public BTC miners went from net sellers to net buyers in July,” highlighting a critical trend in the industry.
Companies like Marathon Digital Holdings (MARA) have significantly increased their Bitcoin holdings, exceeding the 20,000 BTC mark, according to Minermag.
While public miners as a group may not yet be significant net buyers, the decline in selling pressure is a positive development for the market. Publicly traded miners now control a significant portion of the Bitcoin network’s hash rate, a trend that is expected to continue as larger players consolidate their dominance.
The potential for these miners to change their strategy suggests that they should consider keeping more of their mined Bitcoins on their balance sheets, such as IREN. Such a move would further reduce selling pressure in the market and potentially support Bitcoin’s price stability in the long term.
