Quick Take
In a recent analysis shared by Kelly Greer, an analyst at Galaxy, data from NYDIG reveals a significant shift in the behavior of publicly traded Bitcoin miners over the past two years. The chart illustrates a notable decline in the amount of Bitcoin these miners sell, indicating a transition from net sellers to net buyers. According to Greer:
“Public BTC miners flipped from net sellers to net buyers in July,” highlighting a critical trend in the industry.
Companies like Marathon Digital Holdings (MARA) have notably increased their Bitcoin holdings, surpassing 20,000 BTC, according to the minermag.
Bitcoin Sold by Public Miners: (Source: NYDIG)
Although public miners as a group may not yet be significant net buyers, the reduction in sell pressure is a positive development for the market. Publicly traded miners now control a substantial portion of the Bitcoin network’s hash rate, a trend expected to continue as larger players consolidate their dominance.
The potential fo
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