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Miners Keep Accumulating Bitcoin in Large Amounts: Glassnode Data

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Tue, 04/27/2021 - 11:19
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Yuri Molchan
Bitcoin miners keep tucking away their BTC into cold storage as the Glassnode chart shows a major splash of green in this indicator
Miners Keep Accumulating Bitcoin in Large Amounts: Glassnode Data
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A chart provided by popular analytics aggregator Glassnode shows a major rise in the Miners Net Position Change indicator.

This indicates that BTC miners continue to tuck away their minted Bitcoin into long-term cold storage rather than sell it.

Miners Net Position Change index keeps going green

A Glassnode chart shared by the CIO of Moskovski Capital shows that miners continue to accumulate the world's flagship digital currency and are far from thinking about selling it at the moment.

This indicator first turned green this year on Feb. 27, and it was the first time it began going green since Dec. 27.

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Image via Twitter

Bitcoin keeps recovering after the recent fall

The king cryptocurrency continues to recover its recent gains. After plunging to the $47,000 level on Monday, Bitcoin has surged to the $54,767 area by now, as per data from CoinMarketCap.

Related
Elon Musk Addresses Accusations About Pumping and Dumping Bitcoin

Musk and Portnoy's Bitcoin debate

Curiously, earlier today, CEO of Tesla and SpaceX Elon Musk stood up to Barstool Sports chief Dave Portnoy, telling him that he has been holding tight to his Bitcoin stash, while Tesla had sold 10 percent of the BTC from its balance sheet to prove the coin's liquidity.

Meanwhile, on Monday, Portnoy tweeted that he had bought a single Bitcoin. Apparently, he decided not to buy more for fear of another volatility wave, which made him sell his BTC and LINK back in August 2020 after he had been convinced to enter crypto by the Winklevoss twins.

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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.