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Miners Holding Their Bitcoin Much Tighter Than in January: Glassnode

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Thu, 04/29/2021 - 07:56
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Yuri Molchan
Recent analytics data shows that Bitcoin miners have been reluctant to send their BTC to crypto exchanges and volumes have hit a four-month low
 Miners Holding Their Bitcoin Much Tighter Than in January: Glassnode
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The analytics team at the popular data aggregator Glassnode has taken to Twitter to share that Bitcoin miners have been sending much less of the Bitcoin they "mint" to crypto exchanges.

Instead, they are holding their digital gold tightmuch tighter than four months ago.

Miners keep accumulating Bitcoin

According to a chart provided by Glassnode, Bitcoin miners' outflow has hit the lowest level in the past four monthssince Januaryand at the moment totals 49.9 BTC.

Unlike back in early 2021, miners are now accumulating the flagship digital currency, as other Glassnode data says, which U.Today has looked at previously. The Miners Net Position Change index has been going green at a high pace, meaning that miners have not been selling.

According to the chart posted by the Glassnode team, the highest levels of Bitcoin miners' outflows were seen at the start of January, but they suddenly dropped later the same month.

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Image via Twitter

Bitcoin unable to rise past $55,000 so far

After dropping from the $64,671 all-time high of April 14, the world's largest cryptocurrency by market cap, Bitcoin, has been unable to fix above the $55,000 price mark.

On April 26, it plunged below the $48,000 area, went back slightly below $55,000 and has been trading sideways since then, unable to move further North.

Related
Facebook Quashes Rumors About Holding Bitcoin on Its Balance Sheet

Facebook owns zero Bitcoin, Tesla sells some of its BTC

After Facebook disclosed its Q1 earnings, it turned out that the rumor of the social media giant holding Bitcoin was not true.

Facebook bought zero Bitcoins at an average price of zero USD, as sarcastic comments on Crypto Twitter say.

However, the good news is that Tesla and SpaceX CEO Elon Musk has admitted to being a Bitcoin holder and stated he had not sold any of his BTC.

Unlike him, Tesla did sell 10 percent of the Bitcoin it bought earlier after it counted the profits from the investment and decided to prove Bitcoin’s liquidity, according to Elon Musk's explanation to Dave Portnoy in the course of their Twitter debate earlier this week.

Barstool Sports CEO David Portnoy, a proud holder of one Bitcoin, accused Musk of performing a pump-and-dump scheme with Bitcoin.

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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.