UAE Sitting on $454M in BTC With No Recent Selling — Dump Risk or Strategic Accumulation?

Everyone assumes miners are forced sellers.

The common narrative is simple:

Mine BTC → sell to pay electricity and hardware.

But recent on-chain data tells a different story.

The UAE has mined roughly $453.6M worth of Bitcoin through partnerships tied to Citadel. According to Arkham data, the last major sale was about four months ago. Since then, most of the coins haven’t moved.

Even after estimating operational costs, they appear to be sitting on roughly $344M in unrealized profit.

They could liquidate nearly half a billion dollars in BTC right now.

They aren’t.

That doesn’t look like short-term cash flow behavior.

It looks like strategic positioning.

While retail debates every 3% candle, nation-state entities may be quietly tightening supply.

So what’s the bigger takeaway?

• Bullish signal from sovereign accumulation?

• Or growing centralization risk long term?

Curious how this sub reads it.