According to Coin Metrics and Glassnode, miners stopped selling their bitcoin holdings. The bitcoin price recovered at least 6% and now returns to a price registered at USD 20,600.
Bitcoin miners stopped selling their holdings and started holding again as the price returned to $20,000 after various days in the critical territory, the lowest curve of the reported decline.
According to information provided by the mining analysis entity Glassnode, revealed on Twitter by @BTC_Archive, Bitcoin miners already ceased liquidating the BTC housed, which lasted for at least three weeks.
This accumulation of BTC by miners arrived right after BTC recovered from the weekend crash that made it hit rates registered at $17,700. The first cryptocurrency was trading above USD 20,600, a rise marked at 6.81%, according to data provided by CoinMarketCap.
Less BTC Ready to Sell on Exchanges
Another Bitcoin mining analytics firm, Coin Metrics, gives credibility to Glassnode’s data. According to this entity, the money sent from miners to exchanges experienced a decline, but the BTC withdrawn from these networks in the wallets of operators faced an increasing rate.
At the close of June 18, 2022, there was a high peak, which reflects the amount of BTC that the miners of the exchange houses are taking out. In total, 173,094 BTC got withdrawn from exchanges, returning to the wallets of these operators; even though later there was a drop and only 26,121 BTC got removed.
Although it sounds bulky, it is good to point out that peaks of 119,700 BTC got approached that were ready for sale in recent days, which could also have influenced the fall in the price.
Scheduled Bitcoin Sales
The accumulation might send signs that past sales got framed within a move of the miners, who would have left part of their holdings to fight against the coming crisis.
On the other hand, there is a bit of calm in the space, operators among which the small and large ones stand out, with optimal operational machinery, are returning to holding their bitcoins. It is the usual behavior of the miners, who know that BTC can recover its value.
The assets that miners accumulate are nothing more than a good sign for the market, as it shows traces of balance, especially for a market like bitcoin, which is suffering the beats of a crypto winter that, according to analysts, has already landed.
By: Jenson Nuñez