In its latest report, Glassnode, the famous crypto data aggregator, took to Twitter to reveal their latest finding that Bitcoin miners have been reluctant to send their minted currencies to digital assets’ exchanges. It further added that the miners are keeping their minted coins with them which is in a much higher ratio than a few months ago.
— glassnode alerts (@glassnodealerts) April 29, 2021
Per the latest charts provided by the firm, since January this year, the outflow of BTC from miners have been significantly decreasing. Currently, the total outflow stands at 49.9 Bitcoins which is unlike last year or the beginning of this year when it was much higher. This means that Bitcoin miners are now accumulating the world’s most popular digital coin.
Apart from that, the metric also shows that the Miner Net Position has been positive for the most part of the last few months. Glassnode’s charts suggest that the last massive outflow of Bitcoin from miners was recorded on January 3. However, that numbers dropped significantly as the month progressed.
On the other hand, following the recent fall of Bitcoin below the $50k mark, the digital asset has failed to reclaim the $55k price even after its latest resurgence.
This comes after the social media giant Facebook quelled rumors that it was holding Bitcoin. The social media giant revealed in its first-quarter earnings that the company has no BTC on its balance sheets.