Bitcoin miner holdings rise to 1.1919M BTC, first weekly gain in two weeks

The uptick in miner holdings, though modest, breaks a recent downward trend and aligns with a rising hashrate, suggesting miners are not under immediate selling pressure despite the network's increased difficulty. The Puell Multiple hovering at parity indicates that miner revenue relative to historical averages is neither exceptionally high nor low, which could signal a period of equilibrium. The key question is whether this accumulation persists as hashrate climbs, or if it is merely a pause before renewed distribution.