As of May 2, their total self-held Bitcoin has reached 1245.8 BTC (excluding client assets), and they mined 39.9 BTC this week, but only sold 28.5 BTC, resulting in a net increase of over 11 BTC!
What logic is hidden behind this?
Increased holdings by miners = confidence in future prices! If they believe BTC has peaked in the short term, they would usually prioritize selling to lock in profits. The fact that they choose to continue holding now is a real bullish signal.
The selling ratio is only 71.4% of production, significantly lower than the 90%+ level during last year's bear market, indicating that Bitdeer is actively controlling the chips they hold, rather than rushing to cash out.
The holding behavior of mining companies can be seen as the behavior of 'investors in the industry chain.' They possess firsthand resources, data, and industry judgment capabilities, and their behavior patterns often have proactive reference value.
Summary of views:
Bitcoin is currently in the mid-cycle, with selling pressure not yet concentrated. The industry attitude is optimistic, on-chain behavior is rational, and the overall trend remains healthy and upward.
For retail investors:
This is not the FOMO stage, but a stage where one should hold a solid base and plan for swings.
Opportunities do not wait for people, and bull markets do not give advance notice.
When miners start to hold back on selling, what are you still hesitating about?
