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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.
Arman ShirinyanProminent 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".
#Bitcoin miners have been accumulating consistently for almost 1 year. Just HODL ? pic.twitter.com/soqjuUY1ja
— Bitcoin Archive ??? (@BTC_Archive) March 23, 2022
At press time, the flagship cryptocurrency is changing hands at $42,283, according to CoinMarketCap.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team