Despite macroeconomic uncertainty, Bitcoin Miners are even more confident in their benefits as their stable reserves demonstrate their belief in continuous market growth.
Bitcoin (BTC) miners show no significant signs of surrender. On-chain data continues to show bullish outlook, analysts at Bitfinex Alpha wrote in a recent research report.
They pointed out that despite macroeconomic turbulence and a 32% drop from Bitcoin’s all-time high in 2024, miners remain stable. As of May 5th, the reserves were 1,808,674 BTC, with little variation from the December 2024 level.
“Given that miners usually need to settle some of their holdings to fund their operations
Electricity, maintenance, payroll, etc.
He talks about his volume of expectations for future price increases. ”Bitfinex Alpha
Analysts said the fact that miners still hold a recent 32% recovery from the April lows supports the idea that despite recent volatility and macro uncertainty, they “may not have seen the final leg of the current bull cycle.”
Puell Multiple | Source: Coinglass
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Puell Multise, a key indicator of miners’ profitability, also far below historically rising thresholds, confirming further lack of incentives for miners to sell. Values above 2 usually indicate an increase in sales activity, but at the current level of Puell multiples, large miners sales are unlikely.
These stable reserves and low sales pressures reinforce the idea that Bitcoin miners are confident in their future profit potential. While the market remains susceptible to short-term volatility, structural signals suggest that there is still room for growth in the current cycle, with miners turning even further upside down and miners on the way further, analysts explain.
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