Bitcoin miners hide their coins for higher prices, with direct transfers from miners to exchanges having fallen by nearly 40% since mid-March.
Data from on-chain analytics provider Glassnode shows that miners’ BTC balances have been increasing since the end of March, following large cash outflows throughout January and a steady reduction in sales in February and earlier in March. .
Glassnode CTO Rafael Schultze-Kraft notes several metrics indicating a recent build-up of miners – including flows from addresses of miners, supply of unspent BTC, and the net change in the position of miners.
Glassnode data shows that the unspent supply – the BTC that was never transferred from the original recipient’s (miner’s) address – began to rise after seeing a sharp drop in January, when 15,000 Previously dormant pieces were moved from mining addresses for the first time.
Since February, around 5,000 newly minted BTCs have been added to Bitcoin’s unspent supply, bringing the total to 1.765 million Bitcoin.
Direct transfers from miners’ wallets to exchanges have also dropped significantly in recent weeks, dropping from a 30-day moving average of nearly 450 BTC in mid-March to 275 BTC today.
Schultze-Kraft described Bitcoin mining as exhibiting “great fundamentals,” noting a new all-time high for the daily hash rate of 178 exhashes per second on April 6 and new records for the difficulty of mining Bitcoin.
He also shared data showing that miners’ incomes are up by 300% in about a year, hitting new all-time highs above $ 50 million to currently sit at a seven-day moving average of nearly $ 60 million.
“Miners have little or no incentive to cash in right now,” he concluded. add “Sale or surrender [is] not in sight.
The apparent prosperity of Bitcoin miners can be seen in the performance of shares of listed mining companies in North America, with recent analysis showing that the shares of the four largest publicly traded Bitcoin mining companies have gained 5,000% in 12 months while that BTC spot prices rose 900% over the same period.