Glassnode’s analysis of the net position change indicator of Bitcoin miners shows that miners are accumulating on a massive scale. Know more.
An on-chain metric shows that Bitcoin miners are accumulating more BTC tokens than they were at any given timeframe in the last 5-months. Analysts believe that this fresh signal shows current prices are not for selling.
Glassnode on-chain analytics firm has analyzed the net position change indicator of Bitcoin miners on January 11, 2022. It was found out that the miners are accumulating on a massive scale. The recent bitcoin price movement may be disappointing for spot traders, long-time market participants are noway concerned.
The miners have now also joined the list of seasoned BTC holders and strong hands who have increased their Bitcoin holdings in 2022’s first two weeks. In fact, massive per day accumulation has been going on since November 2021 when the BTC price touched an all-time high (ATH) at US$69,000. Miners have been adding around 5,000 BTCs per day in the last 5-days.
The bitcoin reserve reduced significantly at 2020-end. However, it has increased significantly in recent times. As of Monday, the total bitcoin reserve stands at 1.859 million currently.
The proportion of Bitcoin supply held by the long-term investors has grown significantly, hitting a 1-year high this week. Reports say that around 7.27 million BTCs are currently held by the HODLers. Glassnode’s report suggests that the trend of bitcoin accumulation is accelerating since the price of bitcoin reached US$69,000.