New data has shown that Bitcoin (BTC), miners have been hoarding more coins in the last five months than ever before. This could indicate that current prices are not suitable for selling.
On Jan. 11, Glassnode, a chain analytics firm, revealed the popular Twitter account Bitcoin Archive’s “massive accumulation by miners”.
Miners show no desire to sell
While the Bitcoin price might disappoint spot traders this year; long-term market participants are not.
Miners, aside from being skilled hodlers or strong hands, are no exception. They have increased their BTC holdings significantly in the first two weeks 2022.
Annotated chart of the net position change for Bitcoin miners. Source: Bitcoin Archive/ Twitter
Over 5,000 BTC have been deposited on miners’ books in the past five days. This accumulation has been ongoing since November’s $69,000 highs.
CryptoQuant, a fellow on-chain analytics company, also revealed additional data that highlighted the extent to which miners had regained their BTC property since May’s China upheaval.
As of Monday, total BTC reserves stood at 1.859 Million BTC. This is the highest since the marked decrease at the end 2020 when BTC/USD surpassed its 2017 all-time highs.
Bitcoin miner reserve chart. Source: CryptoQuant
Since January, the hardest work I have done since then
This week, the percentage of Bitcoin supply that long-term investors consider lost or stolen reached a one year high.
Related: Bitcoin batters want liquidations copy May 2021 Run to $30,000
7.27 million BTC has been removed from the market, possibly permanently, underscoring the convictions of hodlers.
Due to the price disruption caused by China’s ban mining, the metric saw a summer bottom.
Glassnode, however, shows that an accumulation trend has been increasing since $69,000.
Chart of Bitcoin hodled or lost. Source: Glassnode