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Yahoo
6 hours ago
- Business
- Yahoo
Crypto Daybook Americas: Bitcoin Buoyed by Trump, but Analysts Eye $92K Risk
By Francisco Rodrigues (All times ET unless indicated otherwise) Risk assets, cryptocurrencies among them, breathed a sigh of relief after President Donald Trump ruled out an immediate entry into the Israel-Iran war, saying he may wait two more weeks before deciding whether to add U.S. firepower to the conflict. Bitcoin (BTC) is hovering around $106,000, up 0.9% in the past day, and the broader CoinDesk 20 index has gained 0.77%. In traditional markets, oil prices slipped 1.7% after a three-week rally and European stock indexes rose. U.S. equity futures are slightly higher than they were this time Thursday. Trump's comment reduced the odds of U.S. military action before the end of the month on prediction market Polymarket from around 70% to 40%. If the timeline is expanded to next month, the odds are now sitting at 62%, down from 90% on June 17. 'While the immediate prospect of a U.S. intervention in Iran may have diminished, the fact this is reportedly a two-week hiatus means it will remain a live issue for the markets going into next week,' AJ Bell investment analyst Dan Coatsworth told Yahoo Finance. Despite the crypto market's relative stability, analysts see diverging risks. Glassnode, a blockchain analytics company, said subdued on-chain activity could reflect a more mature market dominated by institutions making large, infrequent transactions. A new report from CryptoQuant, on the other hand, warns bitcoin could drop to $92,000 or lower, if demand fails to rebound. ETF flows are down 60% since April, whale buying has slowed by half, and short-term holders have dumped 800,000 BTC since late May. Stay alert! Crypto June 20: Proof-of-stake blockchain BlackCoin (BLK) activates SegWit on mainnet, improving security and performance. Nodes must be upgraded to release v26.2.0 before this date. Wallets from 13.2 can be used in 26.2.x. June 25: ZIGChain (ZIG) mainnet will go live. June 30: CME Group will introduce spot-quoted futures, pending regulatory approval, allowing trading in bitcoin, ether and major U.S. equity indices with contracts holdable for up to five years. Macro June 20, 8:30 a.m.: Statistics Canada releases May producer price inflation data. PPI MoM Est. 0% vs. Prev. -0.8% PPI YoY Prev. 2% June 23, 8 a.m.: Mexico's National Institute of Statistics and Geography releases April retail sales data. Retail Sales MoM Prev. 0.5% Retail Sales YoY Prev. 4.3% June 23, 9:45 a.m.: S&P Global releases (Flash) June U.S. data on manufacturing and services activity. Composite PMI Prev. 53 Manufacturing PMI Prev. 52 Services PMI Prev. 53.7 June 23, 3 p.m.: Argentina's National Institute of Statistics and Censuses releases Q1 GDP data. GDP Growth Rate QoQ Prev. 1.1% GDP Growth Rate YoY Prev. 2.1% Earnings (Estimates based on FactSet data) June 23 (TBC): HIVE Digital Technologies (HIVE), post-market, $-0.12 Governance votes & calls Compound DAO is set to vote on a proposal to create the Compound Foundation, a non-profit to drive protocol growth and strategy. It calls for an 18-month plan and requests $9 million in COMP. Voting ends June 20. Arbitrum DAO is voting on a proposal to launch DRIP, an $80M incentives program targeting specific DeFi activity. Managed by a foundation-led committee, DRIP would reward users directly and allow the DAO to shut it down via vote. Voting ends June 20. ApeCoin DAO is voting on whether to sunset the decentralized autonomous organization and launch ApeCo, a new entity established by Yuga Labs with a mission to 'supercharge the APE ecosystem.' Voting ends June 24. Polkadot Community is voting on launching a non-custodial Polkadot branded payment card to 'to bridge the gap between digital assets in the Polkadot ecosystem and everyday spending.' Voting ends July 9. Unlocks June 30: Optimism (OP) to unlock 1.83% of its circulating supply worth $17.34 million. July 1: Sui (SUI) to unlock 1.3% of its circulating supply worth $120.99 million. July 2: Ethena (ENA) to unlock 0.67% of its circulating supply worth $11.23 million. Token Launches June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN) and Synapse (SYN). The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through July 17. Day 2 of 3: BTC Prague 2025 June 24-26: Blockworks' Permissionless IV (New York) June 25-26: Bitcoin Policy Institute's Bitcoin Policy Summit 2025 (Washington) June 26: The Injective Summit (New York) June 26-27: Istanbul Blockchain Week June 30 to July 3: Ethereum Community Conference (Cannes, France) by Shaurya Malwa and Oliver Knight Jupiter DEX is pausing all DAO votes until end-2025, citing governance issues and a need to reset its structure during a "critical period" for DeFi. Exec Kash Dhanda said the current DAO setup breeds mistrust and FUD, preventing the team, holders and platform from working cohesively. A new governance model will be introduced next year, aiming to "unify rather than divide" the Jupiter community. Staking rewards (ASR) will continue at 50M JUP per quarter, but no new DAO-funded workgroups or emissions will be created in the meantime. The JUP token has dropped nearly 22% in the past month, and Friday's governance news had minimal impact, with the price hovering near $0.40. Open interest (OI) across top derivatives venues remains stable, but subdued relative to earlier highs. According to Velo data, respective OI sits at $56.73 billion, still well below the $65.95 billion peak seen on June 11. Binance has regained ground with $24.5 billion in OI, though this remains short of its previous $27.9 billion high. BCH stands out as a notable mover, recording the third-largest notional OI gain over the last 24 hours with an $83.4 million increase, following BTC and ETH according to Laevitas. BTC and ETH options positioning remains concentrated around out-of-the-money strikes, despite a minor expiry today. On Deribit, ETH options contract OI reached a yearly high of 2.58 million, with most exposure set to expire on June 27. ETH skew remains heavily call-dominated at the $3,200 strike, while BTC interest is clustered between $100,000 and $110,000. ETH's put/call ratio stands at 0.43, and BTC's at 0.63. Notional flows are similarly aligned, with top-traded contracts including 27JUN25 $2,600C and $100,000P, reflecting both directional interest and tail-risk hedging. Funding rate APRs across perpetual swaps remain broadly positive according to Velo data, with BTC and ETH both printing 10.95% on Bybit and Hyperliquid. Binance funding is also elevated at 8.98% for BTC and 10.05% for ETH, while Deribit remains flat. In contrast, BNB shows sharp negative prints (–22.73% on Bybit and –13.04% on Hyperliquid), hinting at short pressure amid falling dominance. Altcoin funding is similarly mixed, with names like AAVE and DOGE staying positive while SOL and AVAX are little changed. Coinglass data shows $131.89 million in 24-hour liquidations, skewed 56% toward shorts. ETH led notional liquidations at $32.2 million, followed by BTC at $28.7 million. Binance heatmaps reveal dense liquidation clusters between $106,000 and $108,000, indicating that recent price action cleared layered short positioning. BTC dominance continues to hover around 65%, and while short liquidations hint at squeezed leverage, directional conviction appears measured heading into the next major expiry window. BTC is up 1.63% from 4 p.m. ET Thursday at $106,015.34 (24hrs: +0.98%) ETH is up 1.85% at $2,554.74 (24hrs: +0.46%) CoinDesk 20 is up 1.3% at 3,034.29 (24hrs: +0.76%) Ether CESR Composite Staking Rate is up 7 bps at 3.05% BTC funding rate is at 0.0071% (7.7451% annualized) on OKX DXY is down 0.30% at 98.61 Gold futures are down 0.99% at $3,374.40 Silver futures are down 2.20% at $36.10 Nikkei 225 closed down 0.22% at 38,403.23 Hang Seng closed up 1.26% at 23,530.48 FTSE is up 0.44% at 8,830.90 Euro Stoxx 50 is up 0.80% at 5,238.57 DJIA closed on Wednesday down 0.10% at 42,171.66 S&P 500 closed down 0.03% at 5,980.87 Nasdaq Composite closed up 0.13% at 19,546.27 S&P/TSX Composite closed down 0.20% at 26,506.00 S&P 40 Latin America closed on Thursday down 0.15% at 2,614.38 U.S. 10-Year Treasury rate is up 2 bps at 4.42% E-mini S&P 500 futures are down 0.24% at 5,967.00 E-mini Nasdaq-100 futures are down 0.25% at 21,666.75 E-mini Dow Jones Industrial Average Index are down 0.21% at 42,098.00 BTC Dominance: 65% (0.25%) Ethereum to bitcoin ratio: 0.02407 (-0.08%) Hashrate (seven-day moving average): 864 EH/s Hashprice (spot): $53.25 Total Fees: 5.07 BTC / $537,039.75 CME Futures Open Interest: 154,500 BTC BTC priced in gold: 31.3 oz BTC vs gold market cap: 8.87% Bitcoin reclaimed its monthly open following a successful retest of the 50-day exponential moving average (EMA), signaling a potential shift in short-term momentum. The asset is now trading above Monday's low and appears to be making a move to recapture the full Monday range. If successful, this would open the path toward the Monday high near $109,000. However, the price is currently capped by the 20-day EMA. For bulls to maintain control, it will be crucial for BTC to continue closing above the monthly open. A decisive close above the January highs would further invalidate the prevailing weekly swing failure pattern, reinforcing the bullish case and potentially paving the way for a broader continuation to the upside. U.S. markets were closed on Thursday due to Juneteenth federal holiday Galaxy Digital Holdings (GLXY): closed on Thursday at C$26.65 (+2.03%) Strategy (MSTR): closed on Wednesday at $369.03 (-1.64%), +1.1% at $373.10 in pre-market Coinbase Global (COIN): closed at $295.29 (+16.32%), +1.03% at $298.34 Circle (CRCL): closed at $199.59 (+33.82%), +10.53% at $220.60 MARA Holdings (MARA): closed at $14.49 (-1.23%), +1.73% at $14.74 Riot Platforms (RIOT): closed at $9.94 (+2.9%), +1.51% at $10.09 Core Scientific (CORZ): closed at $11.9 (+0.08%), +0.42% at $11.95 CleanSpark (CLSK): closed at $9.18 (+3.15%), +1.42% at $9.31 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $18.7 (+0.11%) Semler Scientific (SMLR): closed at $31.94 (+11.95%), +8.39% at $34.62 Exodus Movement (EXOD): closed at $30.14 (+0.43%), +3.65% at $31.24 Spot BTC ETFs Daily net flows: $0 Cumulative net flows: $46.63 billion Total BTC holdings ~1.22 million Spot ETH ETFs Daily net flows: $0 Cumulative net flows: $3.92 billion Total ETH holdings ~3.98 million Source: Farside Investors Bitcoin dominance has reached 65%, currently trading near the upper boundary of a well-defined parallel channel that has guided the trend since mid-May. Europe Set for Iran Talks as Trump Signals 2-Week Window to Decide on Attack (Financial Times): Britain, France and Germany will meet Iranian officials in Geneva on Friday to restart high-level nuclear talks and push for renewed inspections with full access to Iran's atomic facilities. Bitcoin Steady Above $104K as Traders Eye Historically Bullish Second Half (CoinDesk): Bitcoin may stay stuck between $102K and $108K as traders hedge downside in options markets while month-end flows, rebalancing and weak catalysts weigh on near-term momentum. Arizona Moves Closer to Creating Bitcoin Reserve as Bill Passes Final Senate Vote (CoinDesk): The legislation, which still needs House approval, would update Arizona's laws on forfeiture, allowing the state to hold abandoned digital assets as unclaimed property. North Korean Hackers Are Targeting Top Crypto Firms With Malware Hidden in Job Applications (CoinDesk): Hackers are using fake career sites impersonating top crypto firms to trick jobseekers into installing a Python-based remote access trojan that steals credentials and wallet data from 80+ browser extensions. Iran's Islamic Revolutionary Guard Poised for More Power (The Wall Street Journal): Israeli strikes have raised the risk of Supreme Leader Ayatollah Khamenei's fall, giving the Revolutionary Guard an opportunity to install his successor and usher in an even more radical regime. U.K. Retail Sales Drop 2.7% in Worrying Sign for Economy (Bloomberg): May's contraction was far deeper than the 0.5% decline economists forecast, adding pressure to the Labour party's fiscal plans and raising the risk of tax hikes in Rachel Reeves' autumn budget. 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Yahoo
a day ago
- Business
- Yahoo
XRP Early Buyers Accelerate Profit-Taking as Regulatory Wins Bolster XRP Ecosystem
XRP XRP has staged one of the strongest rallies among crypto majors this cycle, but early retail holders are heading for the exit under the surface. Now trading above $2 — more than thrice its pre-rally base from October 2024 — XRP has become one of the best-performing large-cap tokens over the past 8 months. Investors who bought below 60 cents are sitting on gains upward of 300%, prompting a sharp pickup in profit-taking. According to on-chain data from Glassnode, the 7-day simple moving average (SMA) of realized profits from XRP wallets hit $68.8 million earlier this month, the highest in over a year. That's a clear sign of distribution pressure, with early accumulators cashing out into strength as the token tests key resistance levels just below its 2021 peak. That profit-taking pressure may help explain XRP's failure to break above $2.20 in recent sessions, despite multiple bullish headlines and technical the broader setup remains positive, supported by regulatory clarity in the U.S. and Ripple's growing push into tokenized asset infrastructure, the near-term price action reflects a supply overhang from long-term holders. A recent CryptoQuant analysis showed that the 1-year cumulative buy/sell quote volume difference for altcoins (excluding BTC and ETH) — a proxy for net investor flows — currently stands at negative $36 billion. That's a sharp reversal from December 2024, when the metric briefly flipped positive, marking a local top for altcoins. Since then, it's been a one-way bleed, with 'altcoin investors MIA,' CryptoQuant independent analyst Burak Kesmeci said in a Thursday post. Despite pockets of strength in XRP, SOL, and a few narrative tokens tied to real-world assets (RWAs), the broader altcoin ecosystem remains stuck in a bear market, he noted. Unless risk appetite returns or capital flows back into Layer 1s, DeFi, and gaming, hopes of an 'altseason' may continue to fade into the in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Asia Morning Briefing: CryptoQuant Warns of $92K BTC Drop as Analyst Views Diverge
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. As Asia begins its trading day, bitcoin BTC is trading above $104,500 and, despite a possible looming war in the Middle East, has been relatively flat on the day with negligible market movement. Indeed, for the last full week, BTC is only down 2%, according to CoinDesk market data. Analysts are debating whether the crypto market's current stillness is a sign of strength or if something more precarious is afoot. Three new reports this week from CryptoQuant, Glassnode, and trading firm Flowdesk all point to the same surface conditions: low volatility, tight price action, and subdued on-chain activity. Additionally, retail participation has waned, and institutional players, from ETFs to whales, are now shaping the structure of flows. But it's CryptoQuant that's flashing the most urgent warning. In its June 19 report, CryptoQuant argued that BTC could soon revisit $92,000 support or even fall as low as $81,000 if demand continues to deteriorate. Spot demand is still increasing, but well below trend. ETF flows have dropped by more than 60% since April, while whale accumulation has halved. Short-term holders, who are usually newer market participants, have shed approximately 800,000 BTC since late May. Their demand momentum indicator, which tracks directional buying strength across key cohorts, is now reading negative 2 million BTC, the lowest in CryptoQuant's dataset. Glassnode, however, sees the same signals and arrives at a far less dire conclusion. In its weekly on-chain update, the firm acknowledges that the Bitcoin blockchain is 'quiet," meaning transaction counts are down, fees are minimal, and miner revenue is subdued. However, this suggests that it may not be a weakness, but rather a reflection of the network's evolution. On-chain settlement volume remains high, but it's concentrated in large-value transfers, suggesting the chain is increasingly being used by institutions and whales. The derivatives market, Glassnode notes, now dwarfs on-chain activity, with futures and options volumes regularly exceeding spot by 7x–16x. That shift has brought more sophisticated hedging, better collateral practices, and a more mature, if less frenetic, market structure. France-based Flowdesk, a market maker and trading firm, has views that fall somewhere in between. While noting thinning altcoin flows and flat market-making volumes, its June 19 update describes the market as 'coiled,' not cracking. Flowdesk highlights a surge in tokenized assets, such as Gold-backed XAUT (up 56% in volume), stablecoin growth, and increasing RWA activity. To them, low volatility may simply be the calm before a directional breakout, which is not necessarily downwards. But in the end, no one seems to hold a reliable map for what's ahead. Even Polymarket bettors aren't sure as there is a near equal chance of BTC dropping to $90K in June or moving up to $115K-120K. One thing is for sure: the tug-of-war between bullish institutional activities and waning retail demand potentially opens bitcoin up to dramatic moves on either side of the trade, which will likely dictate the market's next chapter. A new report from Presto Research argues that Crypto Treasury Companies (CTCs), such as Strategy and Metaplanet, are not just leveraged bitcoin ETFs, but a new form of financial engineering with less risk than many investors assume. Strategy's latest raise, which raised nearly $1 billion via perpetual preferred shares, shows how BTC's volatility can be used to an issuer's advantage. These securities, along with convertible bonds and at-the-market equity sales, allow CTCs to fund aggressive crypto accumulation without triggering margin risk. Presto points out that Strategy's BTC is unpledged and Metaplanet's bonds are unsecured, meaning collateral liquidation, the primary trigger in past crypto blowups like Celsius and Three Arrows, is largely absent here. That does not eliminate risk, but it changes the nature of it. The real challenge, Presto argues, is not crypto exposure itself but the discipline to manage dilution, cash flow, and capital timing. Metaplanet's 'bitcoin yield' metric, which measures BTC per fully diluted share, reflects that focus on shareholder value. As long as CTCs can manage the financial mechanics behind their accumulation strategies, they will earn NAV premiums just like high-growth companies in traditional markets. But if they miscalculate, the same tools that fuel their rise could accelerate their fall. Semler Scientific (Nasdaq: SMLR) has unveiled one of the most aggressive bitcoin accumulation roadmaps in corporate history, announcing plans to hold 10,000 BTC by the end of 2025, 42,000 by 2026, and a staggering 105,000 by the close of 2027. The California-based medical device maker, which pivoted to a bitcoin treasury strategy last year, is effectively trying to increase its current bitcoin stash of 4,449 coins by more than two fold over the next 30 months. It plans to do so using a mix of equity raises, debt financing, and operational cash flow. There aren't specific details of how the company plans to fund the buy. Hwever, historically Semler's primary mechanism for acquiring bitcoin was selling new shares under its at-the-market (ATM) program, which relies on the company trading at a premium to its net asset value (NAV). According to data from Strategy-Tracker, Semler's mNAV currently sits at 0.859x, meaning the market values the firm's equity lower than its BTC holdings, which could be cutting off its ability to raise accretive capital. How this dynamic plays out, would be worth watching as the firm initiates more bitcoin buying. Even as bitcoin has surged to all-time highs above $100,000, Semler shares are down nearly 40% on the year. BTC: Bitcoin remains stuck below $105K despite strong ETF inflows, with repeated resistance at $105,150 and signs of institutional accumulation offset by short-term bearish momentum and macro volatility. ETH: Ethereum found support at $2,490 after a high-volume selloff broke key levels, with the price consolidating in a tight range amid geopolitical tensions and macro uncertainty, signaling potential for a breakout if resistance at $2,510 is cleared. Gold: Gold hovered near $3,366 on Thursday, little changed as escalating geopolitical tensions offset pressure from the Fed's hawkish stance, while platinum retreated after hitting a near 10-year high; U.S. markets remained closed for Juneteenth. Nikkei 225: Japan's Nikkei 225 opened 0.24% higher Friday as Asia-Pacific markets mostly rose ahead of China's loan prime rate decision and amid ongoing Israel-Iran tensions. Visa Expands Stablecoin Reach in Europe, Middle East and Africa (CoinDesk) Why Pro-Israel Group's $90M Crypto Hack Could Be a Hammer Blow for Iran's Regime (CoinDesk) Solana Will Flip Ethereum, Anthony Scaramucci Predicts (Decrypt) Sign in to access your portfolio
Crypto Insight
3 days ago
- Business
- Crypto Insight
Staked Ethereum hits 35M ETH high as liquid supply declines
The supply of staked Ether reached an all-time high this week, signaling growing investor confidence and a squeeze on the liquid supply of the world's second-largest cryptocurrency. Over 35 million Ether coins are now staked under the Ethereum blockchain's proof-of-stake consensus model, according to data from Dune Analytics. Over 28.3% of the total Ether supply is now locked into smart contracts and is unsellable for a pre-determined time in exchange for generating passive income for investors. A growing staked supply also indicates that a large percentage of investors are preparing to hold their ETH instead of selling at current prices. Over 500,000 ETH has been staked in the first half of June, signaling 'rising confidence and a continued drop in liquid supply,' said pseudonymous CryptoQuant author Onchainschool in a Tuesday post. Ether accumulation addresses, or holders with no history of selling, have also reached an all-time high of 22.8 million in ETH holdings, signaling that Ethereum is among the 'strongest crypto assets in terms of long-term fundamentals and investor conviction,' the analyst said. The recent rise in staking comes amid a more favorable US regulatory outlook. The record comes nearly three weeks after the US Securities and Exchange Commission (SEC) released new guidance on cryptocurrency staking, widely seen as a victory for crypto regulations, Cointelegraph reported on May 30. 'Protocol Staking Activities,' such as cryptocurrencies staked in a proof-of-stake blockchain, 'don't need to register with the Commission transactions under the Securities Act,' SEC's Division of Corporation Finance said in a May 29 statement. However, industry participants are still waiting for the approval of the first Ether staking ETFs after the SEC delayed its decision on Bitwise's application to add staking to its Ether ETF on May 21. Lido accounts for 25% of the staked Ether supply Over 25% of the 35 million staked Ether tokens have been deployed through the liquid staking protocol Lido. Binance holds 7.5% of the staked Ether supply, and Coinbase holds 7.4%, according to Dune data. Coinbase exchange has become Ethereum's largest node operator, holding over 11.4% of staked Ether supply through its validators, Cointelegraph reported on March 20. Decentralization purists have previously criticized the growing Ether supply staked through liquid staking protocols as a potential centralization risk, which may create a single point of vulnerability for the network. Despite the criticism, institutional adoption saw a significant uptick thanks to the development of liquid staking infrastructure, as a 'significant percentage of Lido's TVL already comes from institutions' amid growing demand, Konstantin Lomashuk, founding contributor at Lido protocol, told Cointelegraph. Source:
Crypto Insight
5 days ago
- Business
- Crypto Insight
Bitcoin mining difficulty falls slightly from recent all-time high
Bitcoin's mining difficulty fell slightly on Saturday after hitting an all-time high of 126.9 trillion on May 31 at the start of the previous difficulty adjustment period. The Bitcoin mining difficulty level currently stands at roughly 126.4 trillion, according to data from CryptoQuant. Higher mining difficulty and network hashrate, which is a separate but related measure of the total computing power securing the Bitcoin protocol, both translate into increased miner competition and higher production costs. Miners continue to face financial pressures from the reduced block reward following the April 2024 halving, rising operational costs, and increased mining difficulty, which have changed the calculus for mining companies struggling to remain profitable. Publicly traded mining companies buck trend Despite the challenges miners within the highly competitive industry face, some publicly traded Bitcoin mining companies are expanding their operational capacity and choosing to retain their mined BTC as a treasury asset. Mining firm MARA announced that it increased BTC output by 35% in May, amid a record-level hashrate and market volatility. On April 5, Bitcoin's network hashrate crossed 1 zetahash per second (ZH/s) in computing power — a significant milestone for the decentralized monetary protocol. Despite this, MARA announced that it mined 950 Bitcoin in May and increased its corporate treasury reserves to 49,179 BTC, making it one of the largest Bitcoin holders in the world. 'Record production month for MARA — and we sold zero Bitcoin,' the company's chief financial officer Salman Khan wrote in a June 3 X post. CleanSpark, a public Bitcoin miner focused on securing the network through clean energy, also increased its BTC production in May 2025. The company mined 694 BTC during the month, a 9% increase over production in April, bringing its total reserves to 12,502 BTC, according to its monthly report. 'We increased our month-end hashrate to 45.6 exahashes per second (EH/s), up 7.5% sequentially,' CleanSpark president and CEO Zack Bradford wrote in the May update. The growing trend of mining companies accumulating Bitcoin as a treasury asset also represents a significant shift in business strategy for mining firms that have traditionally sold their coins to cover operational costs. Source:
