Bitcoin miners are saving their coins in anticipation of higher prices, as direct transfers from miners to exchanges have plummeted nearly 40% since mid-March.
Data from on-chain analytics provider Glassnode shows that miners’ BTC balances have risen since late March, following strong outflows during January and steady decline in sales during February and early March.
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Glassnode CTO Rafael Schultze-Kraft points to several metrics that point to recent accumulation of miners, including flows from miners’ addresses, supply of unspent BTC, and net position change of miners. miners.
Data from Glassnode shows that the unspent supply, the BTC that has never been transferred from the original recipient’s (miner’s) address, has started to rise after posting a sharp drop in January, when 15,000 previously inactive coins moved from the addresses of the miners for the first time.
Since February, some 5,000 freshly minted BTCs have added to the unspent supply of Bitcoin, bringing the total to 1.765 million Bitcoin.
Direct transfers from miners’ wallets to exchanges have also dropped considerably in recent weeks, going from a 30-day moving average of nearly 450 BTC in mid-March to 275 BTC today.
Schultze-Kraft described Bitcoin mining as showing “great fundamentals,” indicating a new all-time daily hash rate high of 178 exahashes per second on April 6 and new records for Bitcoin mining difficulty.
He also shared data showing that miners’ revenue has risen 300% in about a year, reaching new all-time highs above $ 50 million and currently standing at a seven-day moving average of nearly $ 60 million.
“The miners have little or no incentive to charge right now,” he concluded, adding that “sale or capitulation [is] not in sight.”
The apparent prosperity of Bitcoin miners can be seen in the performance of the stocks of publicly traded mining companies in North America; A recent analysis reveals that the shares of the four largest publicly traded Bitcoin mining companies have gained 5,000% in 12 months, while BTC spot prices rose 900% in the same period.
