According to Bitget, the cryptocurrency analysis company Alphractal has revealed a major change in miner behavior, noting that Bitcoin, Litecoin, Dogecoin and Bitcoin Cash miners have stopped selling their currencies. This is in stark contrast to their typical strategy of using price fluctuations to maintain operations. Alphractal said that miners have always been speculative sellers, taking advantage of price increases to obtain the profits needed to maintain mining operations. Last year, Bitcoin miners in particular took advantage of the entire price increase from 2023 to 2024 to sell their holdings of BTC. During this period, the Bitcoin hash rate rose sharply due to increased competition among miners, which greatly increased the computing power required for mining. As a result, many miners were forced to sell their tokens to remain profitable. However, Alphractal pointed out that the selling pressure from miners is now almost gone. As Bitcoin is currently worth less, mining profitability is under pressure, and miners are holding assets instead of selling, which indicates that the supply entering the market may be reduced. This shift in miner behavior may affect the broader cryptocurrency market, especially in relation to supply and demand dynamics. Analysts say that if selling pressure from miners remains low, this could support price increases for these digital assets in the short term.
