Bitcoin miners pile up while long-term investors profit

Bitcoin miners pile up while long-term investors profit

Cross-chain analytics provider Glassnode has released data revealing that bitcoin miners are piling up while long-term investors turn a profit.

Although January saw heavy sales from miners, Glassnode’s Transfer Miner flows appear to have dried up in February so far.

Chart – Glassnode.com

The report confirms this Miners And long-term investors are the two main sellers of bitcoin during bull markets. According to Glassnode, the decrease in mining outflows can be inferred as bullish, with miners either covering operating costs or storing coins in response to A $ 1.5 billion Bitcoin investment from Tesla:

“This indicates that the miners have either completed sufficient sales to cover the costs, or it may also mean that they see the Tesla vote of confidence as a reasonable reason to maintain a firm grip on their coffers.”

With miners continuing their bitcoins, Glassnode concludes that the majority of the coins sold in the markets are being dumped by long-term investors.

The report refers to last weekCandle Elon– With the posting of the largest single daily candle in BTC history the day after Tesla’s investment announcement, it resulted in a 24-hour price gain of $ 7,162 or 18.5% on Monday, February 8th.

Looking at the average life spent in Bitcoin (ASOL), which is an indicator that measures the average life span in days of all transaction outputs spent, Glassnode concluded that long-term investors took advantage of Tesla news to generate profits.

“Elon Candle raised the average life of coins spent from 30 days to 58 days, as shown on ASOL.”

The company indicated that Coin Days Destroyed (CDD), a measure of economic activity that gives more weight to coins that have not been spent for a long time, also shows that old coins are being redistributed. Glassnode concludes that long-term investors have been profitable since October – when BTC was back above $ 12,000.

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Tesla’s investment has also channeled record social mentions into Bitcoin, with Twitter activity is rising To new heights after the automaker’s investment was announced.

Despite profit taking, the bitcoin price continues to gain, with BTC testing an all-time high of around $ 49,600 on February 16th.