New data shows that Bitcoin (BTC) miners are accumulating more coins than at any time in the past five months, which could be a further signal that current prices are not intended for sale.
Analyzing its indicator of net change in miners on January 11, chain analysis firm Glassnode revealed which popular Bitcoin Archive Twitter account describe as a “massive” accumulation by miners.
Minors show no desire to sell
The price of Bitcoin may disappoint spot traders this year, but long-time market participants are anything but worried.
In addition to strong hands or seasoned hodlers, miners are now no exception, dramatically increasing their holdings of BTC in the first two weeks of 2022.
Over the past five days, over 5,000 BTC a day has each landed on the miners’ books, accumulating ahead of November’s all-time $ 69,000.
Other data from another CryptoQuant chain analysis service shed light on the extent to which miners have recovered their BTC real estate since the May upheaval in China.
Total BTC reserves stood at 1.859 million BTC on Monday, the highest figure since a sharp reduction in late 2020 after BTC / USD broke its previous all-time highs in 2017.
The hardest hodling since last January
Back in good hands, the proportion of Bitcoin’s supply seen as lost or misappropriated by long-term investors peaked in one year this week.
Related: Bitcoin Hitters Craves Copy of May 2021 $ 30,000 Liquidation
Highlighting the belief of the hodlers, 7.27 million BTC is now off the market, possibly forever.
The metric also hit a low over the summer thanks to the price disruption caused by China’s mining ban.
In contrast, Glassnode shows, an accumulation trend accelerated from $ 69,000.