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Miners Begin Accumulating Bitcoin Instead of Dumping, First Time Since Dec 27: Glassnode

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Sat, 02/27/2021 - 11:57
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Yuri Molchan
Glassnode has stated that miners have finally started accumulating Bitcoin instead of dumping coins on the market, pushing the indicator positive first time since Dec 27
Miners Begin Accumulating Bitcoin Instead of Dumping, First Time Since Dec 27: Glassnode
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Moskovski Capital CEO, Lex Moskovski, has shared a Glassnode chart, which says that Bitcoin miners have stopped selling their BTC and have started to accumulate.

Miner Net Position indicator turns positive 

A chart from the popular analytics company Glassnode says that for the first time since December 27, the Miner Net Positive indicator has gone green.

Miners now are not in a rush to part with their Bitcoins and prefer to accumulate them after selling coins for around two months in a row.

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Grayscale crypto AUM shrinks, losing $2.6 billion in a day

The largest accumulator of Bitcoin and other digital currencies, Grayscale, has lost a staggering $2.6 billion in a single day.

The worth of Bitcoin, in particular, held by Grayscale has shrunk by $2.1 billion – from $32.832 billion to $30.724 billion.

As of February 26, the company holds a total of $36.5 billion in crypto AUM compared to $39.1 a day earlier.

On Friday, the flagship cryptocurrency plunged from the $48,179 level to the $45.305 zone.

On the same day, U.Today reported that the company had confirmed that is has been considering the launch of new crypto trusts based on popular altcoins and DeFi cryptocurrencies – Chainlink, ADA, Compound, Yearn.Finance, Monero, Polkadot, etc – a total of 23 coins is being considered by Grayscale at the moment.

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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.