Key on-chain metric shows Bitcoin miners in ‘massive’ BTC accumulation mode

New
data
shows
that
Bitcoin
(BTC)
miners
are
hoarding
more
coins
than
at
any
time
in
the
past
five
months,
which
could
be
a
fresh
signal
that
the
current
prices
are
not
for
selling.

Analyzing
its
miner
net
position
change
indicator
on
Jan.
11,
on-chain
analytics
firm
Glassnode
revealed
what
popular
Twitter
account
Bitcoin
Archive

described

as
“massive”
accumulation
by
miners.

Miners
show
no
desire
to
sell

Bitcoin
price
may
be

disappointing

spot
traders
this
year,
but
long-time
market
participants
are
anything
but
concerned.

In
addition
to
strong
hands
or
seasoned
hodlers,
miners
are
now
no
exception,
increasing
their
BTC
holdings
considerably
in
the
first
two
weeks
of
2022.


Bitcoin
miner
net
position
change
annotated
chart.
Source:
Bitcoin
Archive/
Twitter

The
past
five
days
have
each
seen
more
than
5,000
BTC
per
day
land
on
miners’
books,
with
accumulation
in
fact

ongoing

since
before
November’s
$69,000
all-time
highs.

Further
data
from
fellow
on-chain
analytics
service

CryptoQuant

spotlighted
the
extent
to
which
miners
have
regained
their
BTC
real
estate
since
May’s
China
upheaval.

Total
BTC
reserves
were
1.859
million
BTC
as
of
Monday,
the
most
since
a
marked
reduction
at
the
end
of
2020
after
BTC/USD
passed
its
previous
all-time
highs
from
2017.


Bitcoin
miner
reserve
chart.
Source:
CryptoQuant

Hodling
the
hardest
since
last
January

Returning
to
strong
hands,
the
proportion
of
the
Bitcoin
supply
deemed
either
lost
or
ferreted
away
by
long-term
investors
hit
a
one-year
high
this
week.



Related: Bitcoin
batters
longs
as
liquidations
copy
May
2021
run
to
$30,000

Underscoring
the
conviction
of
hodlers,
7.27
million
BTC
is
now
off
the
market

possibly
forever.

The
metric
also
saw
a
bottom
over
the
summer
thanks
to
the
price
disruption
wrought
by
China’s
ban
on
mining.

By
contrast,
Glassnode

shows
,
an
accumulation
trend
has
been
accelerating
since
$69,000.


Bitcoin
lost
or
hodled
coins
chart.
Source:
Glassnode

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