Despite macroeconomic uncertainty, Bitcoin miners are showing confidence in further upside, as stable reserves signal their belief in continued market growth.Bitcoin
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They noted that despite macroeconomic turbulence and a 32% drop from Bitcoin’s all-time high in 2024, miner reserves have remained stable. As of May 5, reserves were at 1,808,674 BTC, showing little fluctuation from December 2024 levels, suggesting a cautious holding strategy, with miners refraining from significant selling.
“Given that miners typically need to liquidate a portion of their holdings to finance operationalexpenses — such as electricity, maintenance, and salaries — their continued restraint from sellingspeaks volumes about expectations of future price appreciation.”Bitfinex Alpha
The analysts noted that the fact miners are still holding onto the recent 32% recovery from the April lows supports the idea that, despite recent volatility and macro uncertainty, “we may not have seen the final leg of the current bull cycle.
The Puell Multiple, a key indicator of miner profitability, also remains well below historically elevated thresholds, further confirming miners’ lack of incentive to sell. Typically, values above 2 signal an increase in selling activity, but the current level of the Puell Multiple suggests that large-scale miner selling is unlikely.
These stable reserves and low selling pressure reinforce the idea that Bitcoin miners remain confident in the asset’s potential for future gains. While the market remains susceptible to short-term fluctuations, the structural signals suggest that the current cycle may still have room to grow, with miners holding onto their positions in anticipation of further upside, the analysts explain.
Unconfirmed reports are circulating online that Jeffy Yu, founder of the small-cap crypto project Zerebro, may have taken his own life during a livestream on Pump.fun on May 4.
The video circulating on X appears to show Yu smoking a cigarette before shooting himself in the neck. While the footage has been widely shared, the authenticity of the video remains unconfirmed at this time.
On the day of his alleged death, Yu published a philosophical and technical manifesto introducing the concept of Legacoins—a term he coined to represent a new category of memecoins rooted in permanence, legacy, and symbolic immortality.
Yu defined Legacoins as:
“An evolution of digital assets commonly referred to as memecoins… based on a voluntary commitment by the developers… to strictly acquire and never sell or trade these assets.”
At its core, the Legacoin framework proposes that developers build and accumulate, never speculate or sell. Holdings become locked upon a holder’s death, thereby creating an immutable floor for the token’s price.
“I am the permanent floor,” Yu wrote.
Yu also launched the token LLJEFFY on the same day, which is apparently the first legacoin.
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