Lex Moskovski, the CEO of Moskovski Capital, disclosed that Bitcoin miners are stacking up their BTC rather than selling. He continued that miners stashed away a total of 8,874 BTC that is worth above $523.6 million. However, this new-found move by miners is intriguing because they rarely speculate on Bitcoin.
Bitcoin Miners Keep Accumulating
Recent data by Glassnode also reveals that long-term holders have resumed HODLing their BTC. In retrospect, the on-chain market intelligence firm had earlier divulged last year December that about 78% of Bitcoin supply is illiquid.
In continuation, Glassnode’s March 21 on-chain crypto data aggregator reveals that only 36% of Bitcoin’s supply has moved hands in the last six months. This suggests that long-term hodlers are unwilling to sell their holdings.
The data also notes a rise in the number of coins purchased between 3 to 6 months ago, as they enter maturation. In short, the accumulation of Bitcoin by long-term holders has not slowed down. This move by Bitcoin miners could be in anticipation of a price rise.
Bitcoin Miners Stash Away 8,874 BTC
For a couple of days, Bitcoin has been unable to sustain its $60,000 move after barely breaking above the price level on several occasions. However, the price has slipped from an intraday high of $60,267 today to trade around $59.098.
On April 2, Bitcoin mining difficulty adjusted by 5.82% to a record high of 165 exahashes seconds (EH/s). The new hash rate means that it will take an average of 165 million trillion (x1018) of hashes per second for a new block to be approved. However, this means that they will require more computing power.
Bitcoin miners started accumulating again in February. Yesterday, they stashed away 8,874 BTC worth $523,647,640. Also, institutions have not slowed down investing in Bitcoin, with the likes of Paypal and Morgan Stanley expanding their crypto operations.
