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Bitcoin Long-Term Hodlers and Miners Accumulate BTC Actively, Here’s What It Means for the Market

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Tue, 05/04/2021 - 16:21
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Yuri Molchan
Recently published analytics data shows that Bitcoin miners and financial institutions are grabbing Bitcoin to tuck it away into cold storage
Bitcoin Long-Term Hodlers and Miners Accumulate BTC Actively, Here’s What It Means for the Market
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Chart provided by data aggregator Glassnode shows that long-term holders are actively accumulating Bitcoin and are sending it to cold storage vaults.

While the flagship cryptocurrency is consolidating, Bitcoin believers and recently converted ones are buying the dip.

“Long-term hodlers grabbing Bitcoin as it’s consolidating around $55,000”

Twitter user Dylan-BTCization has shared a Glassnode chart which demonstrates that the Long-Term Holder Net Position Change indicator has turned green after a long period of staying in the red.

Now, that Bitcoin is trading sideways in a consolidation near $55,000 after dropping from the $58,000 area, financial institutions and other long-term hodlers are buying BTC on the dip to sit tight on their digital gold.

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Image via Twitter

Bitcoin miners’ outflow hits a half-year low

Another chart from the Glassnode analytics team indicates that Bitcoin miners are not so eager to part with their BTC and are accumulating it instead of sending crypto to exchanges to sell.

The data shows that the BTC Miners’ Outflow Volume (seven-day moving average) has hit a six-month low and at the moment totals 46.301 BTC.

The previous half-a-year low was noticed on Monday, May 3.

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Image via Twitter

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Schiff debates Barry Silbert on Bitcoin

Earlier today, the founder and CEO of Digital Currency Group (parent company of Grayscale), Barry Silbert, shared his optimistic view about “wealth creation happening in the cryptoland” at the moment on all levels and everybody can take part in it.

A regular Bitcoin opponent Peter Schiff, who prefers gold to BTC, disagreed. The Euro Pacific Capital CEO keeps tweeting that all profits made in the crypto space with Bitcoin and other digital assets are simply the flow of wealth from the buyers into the pockets of the sellers.

No wealth is being created, it's being transferred from the buyers of crypto to the sellers. In the process significant resources are being wasted that could otherwise have been put to productive use.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.