Publicly traded Bitcoin miners decrease sell-offs

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:

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 for these miners to shift strategies suggests they should consider retaining more of their mined Bitcoin on their balance sheets, such as IREN. Such a move would further reduce market sell pressure, potentially supporting Bitcoin’s price stability in the long term.