This Data Shows Bitcoin Miners Are Extremely Bullish on BTC Ahead of Halving

Despite the recent bearish sentiments around Bitcoin and the entire crypto market, recent data from miners has shown that they are extremely bullish on the largest crypto asset in the long term. Alyssa Choo, a renowned expert in the field and Bitwise’s crypto equities specialist has presented data that indicates a super bullish sentiment among crypto miners towards Bitcoin.

The data showed that the top five crypto miners have sold far less bitcoin than they have produced since the first quarter of the year. In an X post on Wednesday, Choo noted that the miners have sold under 25% of the bitcoin they have mined since January 2024.

Miners Expecting Price Surge

According to Choo’s data, the top five miners have mined 8,169 BTC since Q1 2024 and sold just 1,971 BTC. This represents a substantial 75% decrease in the number of bitcoins miners sell, signaling a clear shift towards accumulating the digital asset.

Choo stated that this behavioral shift only means that miners anticipate an appreciable increase in the Bitcoin price post-halving. The halving event would see the amount of bitcoin they produce per transaction cut into two; hence, the miners expect that the event, which has historically spelled a bullish scenario for the crypto asset, would pump their bags considerably.

The Bitwise analyst also noted that the bitcoin hod amongst miners shows a switch into a full bull run for Bitcoin and the crypto market.

“In bear markets, these mining companies typically sell more bitcoin than produced in order to cover operating costs, e.g., purchasing mining chips, third-party hosting, energy costs, etc. In the bull markets, however, these miners tend to hold more bitcoin,” Choo stated.

Despite the recent correction, Bitcoin is still up over 45% YTD, outperforming major traditional assets like gold and the S&P 500. At press time, Bitcoin is trading above $61,000, with a market cap of $1.2 trillion.

Miners’ Stock Continues to Struggle

Stocks of crypto miners have continued to drop, with the bitcoin halving slated for April 20. The decline is backed by investors’ fears of how the mining sector would survive the impact of the reward slash from the halving event.

Miners like Marathon Digital (MARA) and Riot Blockchain (RIOT) have seen a significant decline in their stock prices. The duo experienced an over 50% decline from their peak earlier in the year. MARA dropped from $31.03 to $14.76, while RIOT moved from $17.6 to $7.98.

CleanSpark (CLSK) has also seen a similar downtrend, moving from a three-year high of $23.4 in March to $14.92. The stock, however, has remained up over 100% since the start of the year.