TechFlow reported on July 29, according to The Block, Valentin Fournier, Chief Analyst at digital asset research firm BRN, noted that Bitcoin miners may have entered a new accumulation phase. Data from CryptoQuant shows a significant rise in the seven-day moving average of Bitcoin inflows into miner wallets, with over 1,900 BTC flowing in during the past week. This includes both mining rewards and Bitcoin purchased by miners from the market.
Fournier mentioned that mining companies such as MARA (formerly Marathon Digital) recently announced the purchase of an additional $100 million worth of Bitcoin, reflecting their confidence in Bitcoin's long-term value. He stated that such actions by miners indicate strong optimism about Bitcoin’s future and could attract more traders to continue investing in this leading cryptocurrency.
In addition, Fournier highlighted that former President Trump’s speech at the Bitcoin 2024 conference and the recent release of PCE data could serve as key catalysts driving up Bitcoin’s price. Analysts predict these factors may trigger a strong rebound in Bitcoin’s price, potentially pushing it to new all-time highs. Currently, Bitcoin has risen 3% over the past 24 hours, trading at $69,625.
