The value of Bitcoin (BTC) has moved beyond $115,000, reaching its highest point in over two weeks, with the upward movement coinciding with a substantial change in behavior from those mining the cryptocurrency.

Rather than offloading, this key group is choosing to hold, removing a major source of potential selling pressure from the market.

A Shift in Miner Strategy

Historically, Bitcoin miners have been known to sell their holdings, especially during price rallies and in the periods leading up to the halving events that cut their block rewards.

This cycle tells a different story. According to CryptoQuant analyst Arab Chain, who examined Binance data, miner transfers to the exchange have dropped considerably since the start of September, approaching 56,000 BTC. This drop in exchange deposits suggests miners are opting to hold their assets or use over-the-counter (OTC) desks for large sales, which do not directly impact the spot market price.

The shift reflects a broader change in behavior. A previous report from CryptoQuant revealed that miners have been accumulating more aggressively than in past cycles, supported by growing institutional adoption and last year’s arrival of U.S. spot Bitcoin ETFs.

The latest analysis indicates that the market is effectively absorbing available supply, and with a major source of selling diminished, the path for further gains appears less obstructed.

“They may be anticipating an upcoming price increase and are therefore holding assets instead of selling them,” wrote Arab Chain.

Additionally, as noted by another market watcher, JA Maartunn, mining activity itself is intensifying. According to him, the number of active ASIC miners hit a record 5.62 million on August 28, a sign that there is heavy ongoing investment and competition in the sector.

Arab Chain believes the drop in BTC miner deposits into Binance is a “positive short-term signal” that could either help kickstart a new accumulation phase or push on the current uptrend, which may take the OG crypto to $120,000.

Market Outlook and Upcoming Tests

Bitcoin has climbed 1.1% over the past 24 hours, trading at $115,357 as of today, September 12. The price bounced between $113,496 and $116,309 during the day, supported by steady buying after last week’s rejection at $113,000. On the weekly timeframe, the asset is up 3.1%, while its monthly chart shows a modest decline of 3.1% following the August peak above $124,000.

According to Marketwatch, Bitcoin’s market dominance is 56% compared to altcoins. Assets like AVAX and DOGE have posted stronger percentage gains this week, but Bitcoin’s stability around its two-week high highlights investor confidence. Furthermore, its market capitalization now stands at $2.29 trillion, with 24-hour trading volume close to $49 billion.