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Bitcoin Miners Have Been Heavily Accumulating – Bullish Sign: Major BTC Twitter Account

Wed, 03/23/2022 - 13:58
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Yuri Molchan
Per recent analytics data, Bitcoin miners have been actively accumulating BTC over the past year
Bitcoin Miners Have Been Heavily Accumulating – Bullish Sign: Major BTC Twitter Account
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According to data provided by Glassnode, Bitcoin miners have been accumulating the leading digital currency for nearly the entire past year.

The chart shows that miners have been heavily accumulating since April last year until February 2022. After February, the curve on the chart has been moving in a range. As per the chart, the cumulative balance of BTC miners is now slightly under 1,825 BTC after a slight decline.

The sudden rise in accumulation last spring started after a tremendous plunge in the Bitcoin balance of miners.

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Bitcoin Futures Hint at Potential Price Increase: Bloomberg

Prominent Bitcoin-related account @BTC_Archive believes this to be a bullish sign as miners are likely to be accumulating, expecting a price rise soon. He stated:

"Just HODL".

At press time, the flagship cryptocurrency is changing hands at $42,283, according to CoinMarketCap.

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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.