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Bitcoin Miners Accumulate Again: Are New Highs Coming?

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What Happened to Bitcoin Miners That Pivoted to AI?
What Happened to Bitcoin Miners That Pivoted to AI?

The key takeaways

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

  • BTC may not be able to reach its new peak due to rising inflation expectations among investors, and a weakening of 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. The accumulation patterns of miners are a similar signal to that which preceded the 48% rise in price for bitcoins back in 2023. This is giving Bitcoin bulls confidence.

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. This strong accumulation in the last year was preceded by a surge of 48% early December. This led traders to wonder if a similar run towards $150,000 would happen again.

Bitcoin and USD, by the end of 2023 Source: TradingView Cointelegraph

BitcoinTreasuries.NET. BitcoinTreasuries.NET data Shows reserves of the 100 largest public companies 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. With a market cap of $95 billion, the firm is now among the top 115 listed US companies, above Moody’s Corp., General Dynamics, and Dell Technologies.

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, even when you take out jewelry demand (which accounts for nearly half). deeper penetration Its $2.3 trillion capitalization is comparable to the market cap of Apple, even though it was launched in 2024.

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

Bitcoin’s trajectory towards $140,000, even with traders pricing in 75% of the price, is not guaranteed. odds US interest rates will fall below 3.5% at the end of 2025. University of Michigan’s consumer sentiment study on Friday revealed that the confidence of consumers declined in September more than was expected, but long-term expectations of inflation rose to 3.9% because of concerns regarding tariffs.

Bitcoin mining and company accumulation is a positive sign, although fears over slowed economic growth might cause traders to take a more conservative approach in the weeks ahead.

The article does not provide legal advice or investment recommendations and it is intended for informational purposes only. This article is solely for informational purposes. It does not represent or reflect Cointelegraph’s views.