ON-CHAIN ALPHA: UAE Mining Whales Hold $453.6M in BTC
Smart money rarely makes noise.
On-chain data from Arkham highlights a strong accumulation signal coming from the UAE. Through mining operations linked to Citadel partnerships, UAE-based entities have generated an estimated $453.6M worth of $BTC.
The key signal: no distribution.
Despite sitting on approximately $344M in unrealized profit, the last meaningful on-chain sell took place more than four months ago. From a market structure perspective, this marks a clear transition away from miner capitulation toward strategic accumulation.
Miners typically sell to fund operating expenses. When entities with access to low-cost energy choose to hold instead, supply is effectively removed from circulation. This reduction in sell-side liquidity increases the probability of a supply-driven move.
Conclusion: Market structure remains constructive.
Institutional conviction appears strong as available supply continues to tighten.