CryptoQuant has revealed a significant change in Bitcoin miners’ behavior, with lasting implications for investor expectations during this ongoing market cycle. In previous cycles, miners exhibited two distinct tendencies: selling part of their reserves pre-halvings and aggressively offloading holdings as bull markets escalated. However, the current cycle displays an unprecedented divergence. Rather than capitalizing on market strength, miners are now prioritizing long-term accumulation over immediate liquidity. This shift is driven by several factors: US spot Bitcoin ETF approvals have encouraged miners to adopt a strategic holding approach, while the growing adoption of Bitcoin as a reserve asset by sovereign entities further reinforces this strategy.