Bitcoin Miners and Those Owning BTC Since 2016 Holding Their Coins Tight: Glassnode

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Mon, 01/18/2021 - 11:50
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Yuri Molchan
Recently shared reports by Glassnode state that the BTC flow from miners to exchanges has hit a major low and so has the BTC active supply 5y-7y
Bitcoin Miners and Those Owning BTC Since 2016 Holding Their Coins Tight: Glassnode
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As reported by Glassnode in recent tweets, both current Bitcoin miners and BTC holders who have owned their crypto since 2016 are sitting on their BTC stashes and are unwilling to sell them.

Miner to exchange flow hits three-year low

Glassnode has reported that the amount of the flagship cryptocurrency sent by crypto miners to digital exchanges is still in decline and has reached a three-year low. The figure totals 0.707 BTC.

The previous low over the same period of time was observed two years ago, on February 15, 2018.

BTC
Image via Twitter

Meanwhile, BTC hash rate is at an all-time high of 155.416 million TH/s as of Jan. 17, which signifies that the Bitcoin network is as strong as ever.

The recent rise of Bitcoin to its all-time high above $42,000 has driven new miners into the network.

BTC
Image via Blockchain.com

Active BTC supply over last 5y-7y hits 5-year low

As per another tweet published by Glassnode, crypto investors who got ahold of their Bitcoin back in 2016 are not in a rush to get rid of it on exchanges or otherwise.

The active 5-year-7-year (1-day MA) BTC supply has dropped to a five-year low and now constitutes 745,984.998 BTC.

It looks like the value of this metric has been dropping steadily as the previous five-year low was 746,042.543 BTCobserved two days ago.

Related
JPMorgan Says $40,000 Is Crucial for Sustained Bitcoin Momentum

Reasons for the Bitcoin rally from financial expert Nic Carter

A partner at Castle Island Ventures, renowned financial expert Nic Carter, has published an article in which he lays out the most likely reasons behind the current Bitcoin rally and the cryptocurrency's continued support.

Among the reasons, he mentioned strong monetary stimulus policy conducted by global central banks, the inflow of institutional funds into Bitcoin and OCC permission for banks to hold their customers' private key for crypto.

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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.