Bitcoin (BTC)Crypto News

Bitcoin miners’ reserves hit a six-month high

                                                            Seit dem erheblichen Ausverkauf zur Jahresmitte steigen die Reserven der Bitcoin-Miner allmählich und ihre Gesamtbestände haben ein Sechsmonatshoch erreicht.

In addition, on-chain data showed that accumulation levels had hit the September highs just before BTC began to appreciate rapidly.

Miner Back to HODLing

It was back in June of this year when most Bitcoin miners sold significant parts of their holdings within a relatively short period of time. This had a disastrous effect on the price of the Cryptocurrency, which is already from April ATH had withdrawn but only continued to plummet, bottoming out below $ 30,000.

However, since then the miners have changed their minds and started doing more HODL, as the following graphic from CryptoQuant shows. After holding relatively steady for a few more months, their positions began rising in early December. As a result, miners’ inventories have now reached a new six-month high.

The analytics firm claimed they were still “very bullish”, backed by the fact that miners now hold more BTC than the asset peaked at $ 69,000 in November.

“Apart from a slight net distribution from time to time, this accumulation trend has never changed” – said the analyst from CryptoQuant.
Reserves of the bitcoin miners. CryptoQuant
Another bullish signal from the company shows that larger companies have begun withdrawing significant amounts of BTC from centralized exchanges. The current landscape is “very similar” to September, when Bitcoin rose 70% in just a few weeks.
Bitcoin miners’ reserves hit a six-month high, Crypto Trading NewsBitcoin on centralized exchanges. CryptoQuant

The great miners’ hike in 2021

Aside from their BTC holdings, miners took a one-year roller coaster ride in 2021. Everything started out quite positively when the price of Bitcoin tightened in the first few months. However, the situation changed vigorously when China reaffirmed its ban on cryptocurrencies and prosecuted miners.

The most populous nation in the world, which was responsible for over 60% of the BTC hash rate at the time, has ousted them all. As a result, they shut down their machines while looking for a new place to settle in. This was roughly the time that the big June sell-off took place.

When miners found new homes, especially in the western hemisphere, the hash rate began to recover after the massive dump in the middle of the year.

According to recent reports, China is now responsible for nearly zero percent of the hash rate, while the US has taken the lead, followed by the Russian Federation and Kazakhstan.

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Source: Crypto News Deutsch

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