In the midst of a world gone awry, where markets tumble and the heavens seem to conspire against us, Bitcoin miners—those brave souls—are defiantly clutching their reserves. Their belief in a brighter future remains unshaken, even as uncertainty rains down from above like so many hailstones.
Bitfinex Alpha, in their recent communiqué to the faithful, reports that Bitcoin miners are showing no signs of capitulation. Despite the great economic turmoil, despite a 32% fall from Bitcoin’s last glorious peak in 2024, the miners persist in their quiet, almost meditative confidence. Reserves stand firm, at a solid 1,808,674 BTC, a number that has barely wavered since the last winter’s chill of December 2024. This steady holding, my dear reader, speaks of a strategy not of panic, but of measured restraint. The miners, you see, are not selling, even when they have every excuse to do so.
“Now, typically, miners must liquidate some of their holdings to pay for their electric bills, keep the lights on, and feed their families. Yet, their continuing refusal to sell? That speaks volumes about their belief in what is to come.”
— Bitfinex Alpha
Such words, my friends, are no mere musings. They are the echoes of the miners, who, despite recent tremors in the market and the great storm clouds of macroeconomic uncertainty, are still holding tight to their treasure. They’ve seen that 32% recovery since April’s low, and they dare to believe—yes, they dare—that this is not the end, not yet. Perhaps, just perhaps, the final, glorious ascent of the bull still lies before us.
The Puell Multiple, that ever-watchful sentinel of miner profitability, has yet to cross the dreaded line above 2. For miners, a figure higher than that usually signals the need to part with some of their precious Bitcoin—sell, sell, sell! But not now. No, the current level of the Puell Multiple suggests that the mining brethren have no such urge. They are not in the mood to part with their spoils. They remain confident that the storm will pass, and better days lie ahead.
With these stable reserves and little sign of panic selling, the miners are telling us all one thing: they are still betting on the future. Despite the wild fluctuations and endless uncertainties of the market, the miners stand resolute. They see something on the horizon that you and I cannot yet fathom. And perhaps, just perhaps, they are right.
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2025-05-06 15:14