As Bitcoin’s halving event on April 19th draws near, miners are doing something unusual. Instead of selling off their coins like they did before the 2016 and 2020 halvings, they’re holding on tight.
Miners Accumulating Bitcoin
Data shows that since the start of 2024, miners have added over 12,000 BTC to their holdings, bringing their total to 217,000 BTC. This is a big change from the past, when miners typically sold off their coins before halvings.
Why the Change?
In the past, miners sold off their coins because they were worried about losing revenue after the halving, which cuts their block rewards in half. But this time, it seems like miners are confident that Bitcoin’s price will continue to rise, so they’re holding on to their coins.
Similar to 2020
This accumulation trend is similar to what happened in 2020 before the halving. Back then, miners also held on to their coins, and Bitcoin’s price skyrocketed afterwards.
Bull Run to $100K?
If miners are right about Bitcoin’s price going up, it could be a good sign for the future. The combination of reduced BTC emissions after the halving, miners holding on to their coins, and institutions investing in Bitcoin could push prices even higher.
It’s still too early to say for sure, but the current accumulation trend suggests that miners are expecting a big bull run, possibly even to $100,000.
