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Bitcoin Miners Accumulate Again: Are New Highs Coming?

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Solo Bitcoin Miner Wins $350K Block With 2.3 PH Setup
Solo Bitcoin Miner Wins $350K Block With 2.3 PH Setup

The key takeaways

  • The BTC price is expected to surpass $140,000 due to the strong Bitcoin mining and BTC corporate accumulation.

  • 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. Miners’ patterns of accumulation are similar to those that led up to a price increase by 48% in 2023.

BTC miners’ 5-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% rise by the beginning of December. It prompted traders to question whether another run toward $150,000 was possible.

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

BitcoinTreasuries.NET is a website that provides information about Bitcoin exchange traded funds. BitcoinTreasuries.NET data Shows reserves of the 100 largest public companies surpassed 1 million BTC For the first ever, in September.

Bitcoin is being gathered 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 and Dell Technologies.

Source: CoinGlass.com. Daily net flows of Bitcoin ETFs, 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 remains at the top with $87.5 billion. Fidelity’s Wise origin Bitcoin Fund is second at $23billion, and Grayscale Bitcoin Trust comes in third at $200.6 billion.

According to the World Gold Council, the gold market has a value of $24.7 trillion. data. Bitcoin ETFs reflect the industry, even if you exclude jewelry’s nearly 50% gold demand. 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

Bitcoin’s trajectory towards $140,000, even with traders pricing in 75% of the price, is not guaranteed. odds Interest rates in the US could fall to as low as 3.5% by 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.

The continued Bitcoin acquisition by miners and companies sets the tone for a bullish market, however fears about sluggish economic growth may cause traders to be more cautious in approaching future weeks.

This article was written for general information only and does not constitute legal or investment advice. These are solely the opinions, views, and thoughts of the author and may not reflect the opinions and views of Cointelegraph.