A key on-chain metric shows that Bitcoin miners are in “bulk” accumulation mode

New data shows that Bitcoin (BTC) miners are accumulating more coins than at any other time in the last five months, which could be a new sign that current prices are not for selling.

Analyzing its miners’ net position change indicator on January 11, on-chain analytics company Glassnode revealed what the popular Twitter account, Bitcoin Archive, described as a “massive” accumulation by the miners.

Miners show no desire to sell

The price of Bitcoin may be disappointing spot traders this year, but longtime market participants are anything but concerned.

In addition to strong hands or experienced hodlers, miners are no exception, having greatly increased their BTC holdings in the first two weeks of 2022.

Annotated graph of the net position change of Bitcoin miners. Source: Bitcoin Archive / Twitter

Over 5,000 BTC daily has been seen on miners’ books in the past five days, with an ongoing build-up since before November’s all-time highs of $ 69,000.

Other data from on-chain analytics service CryptoQuant reveals the extent to which miners have recovered their BTC real estate since the May upheaval in China.

Total BTC reserves were 1.85 billion BTC as of Monday, the most since a sharp decline in late 2020 after BTC / USD broke its previous all-time highs of 2017.

Bitcoin miners reserves chart. Source: CryptoQuant

Hodling the hardest since last January

Returning to strong hands, the proportion of Bitcoin’s supply that is deemed lost or stolen by long-term investors hit a one-year high this week.

Underscoring the hodlers’ conviction, 7.27 million BTC is now off the market, possibly forever.

The metric also bottomed out over the summer thanks to the price shift triggered by China’s mining ban.

On the contrary, according to shows Glassnode, an accumulation trend has accelerated from $ 69,000.

Bitcoin Lost or Kept Coins Chart. Source: Glassnode

Source link


Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Phone : +1 281-333-2229

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker