Glassnode has released a report where it stated that though Bitcoin’s price performance has not been strong lately, its fundamentals appear quite strong in recent times.
Per the report, the leading digital asset had an “impressively quiet week,” while also stating that the volatility of the coin is greatly diminishing as its price remained between $32,000 and $35,000. “It is starting to feel like the calm before the storm as muted and quiet activity appears across both spot, derivative, and on-chain metrics.”
It was also deduced that BTC miners have also begun accumulating the asset again. According to Glassnode, the miner net position change metric is returning to accumulation. The report stated that the “sell-side pressure coming from offline miners, is more than offset by accumulation by the operational miners.”
Also, Gladsnode said that the 14-day moving average metric shows that there was more positive return to exchange outflows at around 2000 BTCs per day. While adding that fees attached to deposits have seen a drop while those links to withdrawals have increased.
Notably, Bitcoin’s previously declining hashrates has risen by 32 percent to 90EH/S. The decline was earlier attributed to miners who were offline during the crackdown on the asset by Chinese authorities. The current rise has been tied to the commencement of operations of miners who were previously offline.