According to Julio Moreno, head of research at cryptocurrency analytics firm CryptoQuant, has noted that bigger miners are currently in accumulation mode.
Meanwhile, smaller miners have been on a selling spree since the last halving event that took place back in April.
As noted by Moreno, this “makes sense” since major publicly traded mining companies have reported higher reserves. Meanwhile, some of these companies are even buying Bitcoin.
As reported by U.Today, cryptocurrency mining giant Marathon Digital recently acquired $100 million worth of BTC while embracing a “full HODL” strategy. The company intends to hold the coins that it produces while also making additional purchases.
Earlier this month, the Financial Times reported that some Bitcoin miners are also pivoting to artificial intelligence due to declining profitability.
At press time, Bitcoin is trading at $66,572.The Bitcoin price recently came under renewed selling pressure due to recent transfers made by the U.S. government.