Bitcoin miners who are important players in the market were found not to sell their Bitcoin holdings mined based on a report by Arcane Research.
Analysts and cryptocurrency researchers explain the rationale behind their miners' accumulation strategy, which is because bitcoin miners listed on the exchange want their holdings/stocks to be closely linked to the price of Bitcoin.
In the long run, greater correlations with benchmark cryptocurrencies will attract investors seeking exposure to Bitcoin indirectly. Bitcoin mining companies have the goal of acting as a launcher in Bitcoin investing by helping investors exposed to Bitcoin without holding crypto assets directly. Therefore, they intend to build a bitcoin treasury to be more linked to bitcoin prices based on the report.
In different reports based on on-chain data, there are indications that there is bullish momentum for Bitcoin. After the FOMC announcement, Santiment stated via their tweet that based on an analysis of market behavior in the chain stated that the first rate hike since 2018 led to a price rebound in Bitcoin and a spike in altcoin.
According to Santiment, this is a good sign as the market is “partially” ready for the move planned by the FOMC. After the announcement of a 0.25% rate hike in interest rates, the price of Bitcoin jumped to an all -time high of $ 41,348. The crypto market recorded an increase of 2.98% in 24 hours.
The data shows the potential for more sustainable growth in the price of Bitcoin in the coming days. This is mainly because the FOMC plans up to six more rate hikes in its plans for the U.S. market in 2022.
