Bitcoin miners are entering a “huge” accumulation phase

New data shows that miners are hoarding more Bitcoin than ever in the past five months, which could be a new signal that the time has not come to sell.

Given the change in the net position indicator of the miners of the on-chain analysis company Glassnode, “Bitcoin Archive” analyst suppose i think Miners are entering a massive accumulation phase.

Miners don’t want to sell

BTC price may disappoint traders on the spot market, but long-term market participants are otherwise optimistic.

In addition to experienced investors or hodlers, miners are no exception who significantly increased their BTC holdings in the first two weeks of 2022.

Annotated diagram of the net change in position of the BTC miners | Source: BTC Archives

For the past five days, miners have been amassing 5,000 BTC per day continuously. In fact, this process is underway before BTC hit its all-time high (ATH) of $ 69,000 in November.

Other data from the on-chain analysis service KryptoQuant highlighted the size of BTC miner stocks since the crackdown in China in May.

Miners’ total holdings were 1,859 million BTC on Monday, the highest since a sharp drop in late 2020 after the price hit the all-time high of 2017.

Bitcoin mineral reserve | Source: CryptoQuant

Most held Bitcoins since January last year

Back to hard-core investors, the percentage of Bitcoin supply believed to be lost or held by long-term investors hit a year-long high this week.

To add confidence to the owners, 7.27 million BTC is currently unavailable in the market – possibly forever.

Due to the volatile prices and the Chinese mining ban, the index also bottomed out in the summer.

In contrast, Glassnode is showing an accumulation trend that has accelerated since the ATH of $ 69,000.

Amount of Bitcoin lost or held by holders | Source: Glassnode

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