Bitcoin miners’ stock reached a six-month high; Why is no one a seller?
Recent data show that bitcoin miners’ inventory has reached its highest level in the last 6 months. As it turns out, bitcoin withdrawals from digital currency exchanges are also on the rise.
To Report Crypto Potito Since the increase in bitcoin sales pressure in the middle of this year, the miners’ reserves of this digital currency have been gradually increasing, and now their total assets have reached their highest level in the last six months.
In addition, intra-chain data show that bitcoin accumulation reached a record high in September. This historical peak was recorded just before the record price of Bitcoin.
In June, most bitcoin miners sold a significant portion of their assets in a relatively short period of time. This miners had a bad effect on the price of bitcoin. Bitcoin had previously retreated from its peak in April, but continued to decline, eventually falling below $ 30,000.
Since then, miners have changed their position and are accumulating more bitcoins. The continuous accumulation of miners improved their position at the beginning of December, so that their inventory has now reached its highest level in the last 6 months.
According to cryptoQuant analysts, their view of bitcoin is still “very upward”. This claim can be confirmed by the fact that the current stock of miners is higher than their stock in October (early November); When the price of bitcoin reached $ 69,000.
An analyst at the company said:
Although the net worth of miners sometimes changes, the trend of bitcoin accumulation has never changed.
Another sign of the uptrend that the company has pointed out is that large investors have withdrawn a significant amount of bitcoins from centralized exchanges. This situation is very similar to September, after which the price of bitcoin rose by 70% in a few weeks.
Miner migration in 2021
Aside from the issue of bitcoin accumulation, the miners of this digital currency in 2021 underwent many changes. In the first few months of the year, everything was perfect and the price of bitcoin was constantly rising; But the miners’ situation changed when China again banned all digital currency activities and moved to mining.
The world’s most populous country did so with 60 percent of the bitcoin network hash rate. As a result, the miners had to turn off their devices and look for a new place to continue their activities. This happened exactly in June (June) and at the same time with the increasing sales pressure in the bitcoin market.
The bitcoin hash rate also improved after the miners moved to their new homes in the Western Hemisphere.
Recent data show that China’s share of the bitcoin network hash has now reached almost zero percent. Currently, the United States, Russia and Kazakhstan have the largest share of bitcoin network hash rates.