Monday, July 22, 2024

Bitcoin miners are in’massive’ BTC accumulation mode, according to a key on-chain statistic.

Information gleaned from available data indicates that there is a massive hoarding of bitcoins underway by bitcoin miners. This trend has been observed over the last five months. This trend is indicative of the fact that the present prices are not for selling.

Glassnode is an on-chain analytics firm. According to its indicator for miner net position, the indicator reveals the above indicated large-scale hoarding of bitcoins. This was also corroborated by the Twitter account Bitcoin archive.

During just this last year, BTC prices have brought no joy to spot traders. However, the long-term investors are unperturbed. Miners have now, in the initial weeks of 2022, joined experienced holders in hoarding BTC.

In each of the last five days, trends indicate that over 5000 BTCs have been added to the books of the miners. This hoarding has, in fact, been seen since BTC’s high of $69,000 back in November 2021.

This trend was also seconded by CryptoQuant. This analytics firm highlighted the extent of the miner’s revival of BTC real estate.

The reserves of BTC are at 1.859 million. This is a substantial reduction towards the end of 2020 compared to previous highs last seen in 2017. Also, the ratio of BTCs hoarded to those in supply is at the highest ever level.

BTC holders feel strongly about their stand and it is estimated that approximately 7.27 million BTCs are now no longer available in the market. The market is also disrupted because of the ban imposed on BTC mining by China.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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