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Bitcoin Miners Accumulate Again: Are New Highs Coming?

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Bitcoin Miners Cut Production To Avoid Texas Peak Power Costs
Bitcoin Miners Cut Production To Avoid Texas Peak Power Costs

The key takeaways

  • Bitcoin price speculation is fueled by the accumulation of BTC in corporate BTC and strong Bitcoin miners.

  • BTC could not reach new heights due to the rising expectations of inflation among investors and the weakened consumer sentiment.

BitcoinBTC) climbed above $116,000 on Friday, fueled by a fresh S&P 500 all-time high and growing expectations of a more accommodative monetary stance from the United States Federal Reserve. Miners’ patterns of accumulation are similar to those that led up to a price increase by 48% in 2023.

BTC miners’ five-day average net transfer volume, BTC. Source: Glassnode

Data from GlassNode shows miners’ wallets added positions for the third straight week, with net inflows peaking at 573 BTC per day on Tuesday — the highest level since late October 2023. The strong accumulation of last year led to a 48% increase in early December. In response, traders began asking if the run towards $150,000 was possible again.

Bitcoin/USD by the end of 2023 Source: TradingView Cointelegraph

BitcoinTreasuries.NET is a website that provides information about BitcoinTreasuries.NET. BitcoinTreasuries.NET data The top 100 public companies’ reserves surpassed 1 million BTC First time this September.

Bitcoin is being accumulated by both miners and companies despite concerns about growth.

Despite missing potential inclusion in the S&P 500 index, Michael Saylor’s Strategy disclosed an additional $220 million Bitcoin purchases were reported in Monday’s filing with the Securities and Exchange Commission. Its market capitalization of $95 Billion places the company among the largest listed US firms, surpassing Moody’s Corp. General Dynamics, Dell Technologies and others.

The daily net flow of Bitcoin ETFs in USD. Source: CoinGlass

US-listed Bitcoin ETFs are added $1.3 billion in inflows Between Wednesday and Thursday the total asset under management reached $148 billion. iShares Bitcoin Trust is the leader, with $87.5 Billion. Fidelity’s Wise Original Bitcoin Fund (FBTC), at 23 billion dollars and Grayscale Bitcoin Trust at 20.6 billion dollars are next.

World Gold Council estimates that the global gold market is worth $24.7 trillion. data. Bitcoin ETF industry is a reflection of the gold market, despite not including jewelry. deeper penetration The market capitalization of the company is $2.3 trillion, and it has only been launched in 2024.

Related: All roads lead to inflation–Fed cut or not, Bitcoin may stand to gain

Even though traders are pricing in 75%, Bitcoin’s rise to $140,000 remains far from certain. odds US interest rates will fall below 3.5% at the end of 2025. On Friday, the University of Michigan consumer survey showed that confidence had declined by more than anticipated in September. However, long-term inflation expectations rose to 3.9% due to concerns about tariffs.

Bitcoin mining and company accumulation is a positive sign, although fears over a slowing economy could cause traders to take prudence in the weeks ahead.

The article does not provide legal advice or investment recommendations and it is intended for informational purposes only. These are solely the opinions, views and thoughts of the author and may not reflect the opinions and views of Cointelegraph.