Bitcoin bullish momentum to persist despite miners sell-off, CryptoQuant CEO says

Bitcoin miners often sell their holdings before halvings to secure profits, mitigate price volatility risks, diversify their assets, and reinvest in mining infrastructure, leading to increased market volatility leading up to and following halvings.

Analysts, however, are confident that even the increased selling activity by miners is unlikely to impede Bitcoin’s upward momentum, given the substantial inflow of fresh capital through spot ETFs. Coinbase Research analysts have suggested that the current price surge “is only the beginning of a longer bull run,” adding that “multi-billion dollar net inflows [into spot Bitcoin ETFs] in just two months have irrevocably altered the landscape.”

Despite Bitcoin miners achieving record daily revenues of $78.6 million, surpassing the previous peak set during the 2021 bull market, the performance of public mining companies paints a different picture.

Hashrate Index data reveals that out of the 26 public Bitcoin miners, only three have posted positive returns year-to-date: CleanSpark (CLSK) with a 51.5% gain, Investview (INVU) with a 25.7% increase, and Northern Data (NB2.DEX) with a 7.52% rise. As crypto.news reported earlier, Bitcoin’s fourth halving is anticipated to arrive in mid-April this year, cutting the block reward from 6.25 BTC to 3.125 BTC.

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