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Bitcoin Miners Hodling, Glassnode Data Reveals

As BTC hit a new all-time high of $50,000, on-chain data has revealed that miners are beginning to sell less in anticipation that the price of Bitcoin may go up.

The pioneer cryptocurrency saw a new boost past the psychological barrier of $50,000 before settling back for a price correction. At 16:39 GMT on Tuesday, the price of Bitcoin was at $48,790. A gain of 0.77% in the last 24 hours.

However, the coin still looks bullish and primed to go further up. Miners have realized this as on-chain data from Glassnode revealed that miners are selling less in anticipation that the price of the coin will go up.

miners slow selling

From the data, the net position of miners has neared neutral.

The Glassnode report revealed that miners and long-term investors in Bitcoin are the two principal sellers of Bitcoin during the bull market. Declining miner outflows may mean bullish. Miners have already covered their costs of operation or stockpiling coins in response to Tesla’s $1.5 billion Bitcoin investment.

The report read:

This suggests that miners have either completed adequate sales to cover costs, or could also mean they see Tesla’s vote of confidence as fair reason to keep a strong grip on their treasuries.

The recent crash after hitting $48,000 was seen as panic selling by retail miners and a few miners who were anticipating that to be the near top. However, Bitcoin swiftly recovered and gained a new ATH today. The benchmark cryptocurrency looks primed for Max Keiser’s $65,000 in the interim. On-chain signal for Bitcoin looks very bullish.

Last week’s “Elon Candle” was the single largest candle in the history of Bitcoin. It drove a price gain of $7,162 or 18.5% on Monday, February 8.

Looking at Bitcoin’s Average Spent Output Lifespan (ASOL), an indicator that measures the average age in days of all spent transaction outputs, Glassnode concluded that long-term investors capitalized on Tesla’s news to realize profits.

The Elon Candle has lifted the average age of coins spent from 30-days to 58-days, as shown in the ASOL

However, after the fall from $48,000, many blamed retailers and weak hands. But CryptoQuant’s CEO, Ki-Young Ju, wrote at the time:

If you’re a long-term investor, now is the time to buy BTC. Not sure how many corrections would be along the way, but the on-chain indicator says there are enough stablecoins in exchanges compared to Bitcoins to get another leg up

With the current price rally, Ki-Young‘s comment has materialized. A strong buy sentiment is seen in the market as People expect the price of BTC to rise further.

The growing institutional demand and and a newfound for updated regulations is a good sign of the growing demand for Bitcoin. Twitter Bitcoin-related activity has surged showing that positive sentiment towards the king cryptocurrency is also on the rise. It’s expected that Bitcoin may give us a Christmas-like boost very soon.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© IbrahimAnifowoshe for Commodity Blog, 2021. | Permalink | No comment |
Published under: Bitcoin, Forecasts

Via Commodity Blog https://bit.ly/2OA2lVq