Bitcoin miners sell their coins less and less and have been withholding their funds for the past few months. Currently, bitcoin (BTC) transactions from miners to exchanges have fallen to levels of last October, when the cryptocurrency had not yet exceeded its all-time high in price of 2017.
This Wednesday, April 28, the average number of bitcoins transferred by miners to exchanges in 7 days fell to 152.77 BTC. Levels like these have not been seen since last October 8, according to records from the analysis firm Glassnode.
The figure represents a decrease of more than 50% from a peak of around 400 BTC a few days earlier.
If we compare it with the peak at the end of last February, we find that miners now sell 80% less than they were selling at that time.
This change in the behavior of miners could suggest that they have already passed a stage of taking profits for their activities or recovery of investment in their equipment and machines to mine bitcoin.
Now, they have resumed the accumulation phase of BTC, as another Glassnode metric suggests. According to the other graph, in previous months the supply held by the miners was reduced. In other words, they sold more than they mined. Now, during the month of April, the supply of BTC at your addresses is back in the green.
Millionaire investments in Bitcoin mining
Indeed, in recent months we have seen a wave of investment that has injected more and more capital into Bitcoin mining. The price performance of the cryptocurrency has come to generate a “digital gold rush” that has greatly raised the valuation of companies dedicated to mining, as reported by CriptoNoticias a few weeks ago.
Meanwhile, companies make million-dollar bets to enter this industry, such as the case of the Chinese company Code Chain acquiring more than 15,000 Bitcoin and Ethereum miners or the sports lottery service 500.com entering the chip business for Bitcoin mining .
On the other hand, the CleanSpark company managed to raise about $ 200 million from the sale of shares, while Riot Blockchain acquired the largest mining facility in North America for more than $ 600 million.
Just a couple of weeks ago, the price of bitcoin hit a new all-time high, momentarily surpassing $ 64,000. But the data that Glassnode now records suggests that amid the correction and subsequent recovery of the cryptocurrency market, miners have chosen to keep the bitcoins they mine.
This behavior could suggest new price impulses in the near future. In short, part of the liquidity of bitcoins in the market arises precisely from newly mined BTC. The same firm had predicted last December that the shortage of coins in the market posed a bullish scenario.