Market

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

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

25 minutes ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

30 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

38 minutes ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

2 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

2 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

3 hours ago

This website uses cookies.