BRN's chief analyst Valentin Fournier said that in addition to accumulating mining rewards, mining companies seem to directly purchase bitcoin from the market to increase their reserves. He added: "They triggered the HashRibbon signal, which is a long-term bullish indicator, indicating the end of miner capitulation and an increase in processing power for mining bitcoin."

One of the miners participating in large-scale bitcoin purchases is MARA, which recently renamed from Marathon Digital and announced on Thursday that it has purchased an additional $100 million worth of bitcoin.