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Bitcoin (BTC) has risen above $116,000, reaching its highest level in more than two weeks. The behavior of cryptocurrency miners has changed in tandem with this upward trend.

A considerable source of potential selling pressure is being removed from the market as miners choose to hold onto their assets rather than sell them.

According to Marketwatch, Bitcoin currently accounts for 56 percent of the market when compared to other cryptocurrencies. Its stability around this two-week peak shows strong investor confidence. Additionally, Bitcoin has a market capitalization of $2.29 trillion, with a 24-hour trading volume of nearly $49 billion.

Historically, Bitcoin miners would sell their holdings, especially during price rallies, particularly before halving events that reduced their block rewards. However, this cycle is different. Since the beginning of September, miner transfers to exchanges have significantly decreased, as noted by CryptoQuant analyst Arab Chain, who analyzed data from Binance.

The change is indicative of a more general shift in behavior.

According to a previous report from CryptoQuant, miners have been accumulating more aggressively than in previous cycles, helped by the arrival of U last year and growing institutional adoption. The market is successfully consuming the available supply, and since a significant selling source has been reduced, there appears to be less of a barrier to future gains. “They might be holding assets rather than selling them because they are expecting a price increase,” Arab Chain wrote.

Furthermore, mining activity is increasing, according to JA Maartunn, another market observer. He claims that on August 28, the number of active ASIC miners reached a record 5.62 million, indicating intense competition and continuous investment in the industry. The decline in Bitcoin miner deposits into Binance, according to Arab Chain, is a “positive short-term signal” that may help launch a new accumulation phase.