Selling Pressure Decreases As Miners Start Accumulating Bitcoin After 5 Months of Dumping
- 9th April 2021
- Posted by: Hakeem
- Category: Crypto
As per data from Glassnode, the long-term holder net position change indicator has turned green for the first time in over five months.
Bitcoin miners begin to accumulate
A chart provided by Glassnode analytics aggregator says that the long-term holder net position change indicator has turned green for the first time in almost half a year.
BTC miners are now storing the Bitcoin they are minting rather than selling it. However, according to the chart, several upticks in the value of this indicator have already been seen earlier this year: in February and March.
Back then, U.Today reported the miner net position change indicator turning green.
Recently, as covered by U.Today, Bitcoin miners have added 8,874 BTC to their holdings; that’s $523,647,640 worth of crypto.
Bitcoin recovers to $58,600
Since reaching an all-time high of $61,800 on March 14, the world’s flagship cryptocurrency has been down to $52,639, gradually recovering to the current level of $58,622, according to the chart by CoinMarketCap.
On April 2, the biggest crypto again surged above the $60,000 level (while Ethereum surpassed $2,000), but it failed to fix there.
Meanwhile, an inflow of institutional funds keeps going into Bitcoin. Recently, business software giant MicroStrategy announced an additional acquisition of $15 million worth of BTC—262 coins—bought at an average price of $57,146.
Now, the company holds a total of 91,326 BTC.