Bitcoin Records Rare 8-Day Winning Streak Amid Miner Shift Towards AI

Bitcoin's recent price surge has led to an 8-day winning streak, a phenomenon that has occurred only 15 times since its creation. According to data from CoinDesk, in the 30 days following such a rally, bitcoin traded higher nine times and lower six times, with a median return of around 19%. However, it's worth noting that the last time this happened four years ago, the price dropped by approximately 30%.

The current streak has seen bitcoin climb from below $66,000 on March 8 to over $75,000 yesterday before settling at around $73,800 on Tuesday morning. Despite traders remaining modestly bullish about future gains, the sentiment is fading, with prediction market-implied odds of bitcoin trading above $77,500 in the month standing at 54%, down from 73% on Monday.

Additionally, several miners are shifting their focus to AI, selling their bitcoin holdings or exiting the industry entirely. Cango, a former automotive service, recently sold 4,451 bitcoin to pivot towards AI, using the proceeds to pay down long-term debt and strengthen its balance sheet. This move follows Core Scientific's decision to sell over 1,900 bitcoin for $175 million in January as it shifts its focus to the AI data center boom.