Report: Bitcoin miners are hoarding

Webonanza - Analysis & News You Can Use
Webonanza - Analysis & News You Can Use

A leading crypto analytic site, Glassnode, has revealed an interesting attitude amongst Bitcoin miners in recent times. According to the site, miners of the top crypto asset are now accumulating more of the flagship cryptocurrency than in recent months.

Per the chart released by Glassnode, newly minted BTCs are not being sent to crypto exchanges. It also revealed that outflows from Bitcoin miners are at their lowest in the last four months as it stands around 49.9 units of Bitcoin per day.

This report is also in line with one of the analytical site's earlier charts, which indicated that "BTC miners continue to tuck away their minted Bitcoin into long-term cold storage rather than sell it."

According to the two reports, the Miner's Net Position has witnessed a significant improvement confirming that Bitcoin miners hoard their assets instead of selling them. The last time miners outflow was high was in January of this year, and since then, the value has been drastically reducing.

After reaching an all-time high of above $60k in April, the leading crypto asset has seen its value slid below the $50k mark before its current attempt at regaining its previous losses. Currently, the asset trades around $53,000.

BitcoinGlassnodeMiningHoardingHodlingMiner's Net Position

Webonanza - Analysis & News You Can Use

On what's making waves online.