There is a Bitcoin accumulation spree that has been observed from miners as hashrate rebounds. According to analysis, the current uptick in BTC accumulation would likely mirror the double-pump of 2013. There is a spike as well in Bitcoin reserves held in cryptocurrency wallets with low unspent output.
Bitcoin tanked in mid-May from a $65,000 high to a $30,000 level which is about 38 percent. This upsetting figure triggered holders to panic sell as the market toppled. However, short term holders happened to be the ones to let go faster.
Miners however seems to be holding back their minted coins from exchanges as miner to exchange distribution stayed below 1000 within the past few days as against a peaking 4000 in late February.
Bullish speculations have begun to spread in the cryptocurrency community lately. A Twitter’s account named @mskvsk tweeted yesterday that the selling pressure from BTC holders has been at its lowest since November. The major reason being that holders are not willing to sell at loss.
BTC’s hashrate currently has witnessed a 16.90 percent change since yesterday and a 68.29 percent change since last year. The current hashrate level is at 173.68M up from 148.57M from yesterday and 103.20M from the past year. Miners have turned to accumulating more Bitcoins as resistance mounts, the next few days will reveal the intention of the market.
Stablecoins Supply Ratio Hits a Week ATL
On-Chain indicators point out that the Stablecoin Supply Ratio (SSR) is at a record low this week below 12.8. The SSR is a ratio between the supply of BTC and that of stablecoins. A low indicates that stablecoins can buy a reasonable quantity of Bitcoin.
Stablecoins like USDT and BUSD have been on a steady increase. BUSD hit a new ATH of $4.3 billion on May 26. That of USDT has witnessed several spikes and declines as investors tend to secure the dip; an example is on May 21 after USDT hit $3.3 billion and decreased sharply.