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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Miners Turn Savers as Price Hits All-Time High; What It Means

Yashu Gola
Yashu Gola
1 year ago
2 mins read
Bitcoin

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Bitcoin miners used to be the biggest cryptocurrency dumpers when its price traded near all-time highs. Nevertheless, their sentiment has changed drastically in the latest price rally.

Data fetched from Glassnode, an on-chain market intelligence platform, shows that miners are not spending their Bitcoin than usual. It took cues from its proprietary indicator known as the Miner Outflow Multiple, which measures Bitcoin withdrawals from miners’ wallets on a seven-day average.

The readings on it showed miners spending BTC above the known historical average but not as much as they did during the previous highs.

“The Miner Outflow Multiple, which shows when BTC miner outflow is high with respect to its historical average, is far from previous tops and even below the 2019 local top,” commented Glassnode.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin Miners Outflow Fractals. Source: Glassnode

The Mining Psychology

Miners are at the forefront of Bitcoin production. They verify and add blocks to Bitcoin’s blockchain and, in return, receive bitcoin rewards. They prefer to sell those units in the open market to pay for their operational costs (mining equipment, electricity, etc.).

Meanwhile, miners also turn into investors by deciding to hold a portion of their Bitcoin rewards to speculate on their value. Their decision effectively reduces the cryptocurrency’s supply in the retail market. That plays an instrumental role in determining the BTC/USD price per the fluctuating demand.

A higher Bitcoin price gives miners plenty of reasons to sell-off their holdings. That happened in 2019 when BTC/USD reached a yearly high near $14,000. That also happened in 2017, when the pair closed towards $20,000.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin price is trading near its all-time high of $24,300. Source: BTCUSD on TradingView.com
Bitcoin price is trading near its all-time high of $24,300. Source: BTCUSD on TradingView.com

But in 2020, miners are showing relatively lesser interest in dumping their positions even as BTC/USD has closed above $24,000 for the first time in history. So it seems, many of them want to hold onto their BTC investments. That paints a bullish picture for Bitcoin based on Supply Deficit.

When more miners decide to hold Bitcoin instead of selling them, it creates a supply deficit. That should automatically improve the cryptocurrency’s bullish bias against a booming demand among institutional investors.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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