BRN Analyst: Miners seem to be accumulating Bitcoin
BRN's chief analyst, Valentin Fournier, stated that in addition to accumulating mining rewards, mining companies seem to be directly purchasing Bitcoin from the market to increase their reserves. He added: "They have triggered the HashRibbon signal, which is a long-term bullish indicator that signifies the end of miners' capitulation and an increase in processing power used for Bitcoin mining." One of the miners participating in large-scale Bitcoin purchases is MARA, a company recently renamed from Marathon Digital, which announced on Thursday that it has purchased an additional $100 million worth of Bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Fidelity's suspected ‘buy low’ holdings total about 2,095 BTC worth more than $191 million
KAITO Pledge Volume Surpasses 10 Million Pieces, Airdrop Collection Progresses 31.256%
Arkham: Fidelity buys about $100 million worth of BTC
Data: BTC Breaks $90,000
Trending news
MoreCrypto prices
More
