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Home Cryptocurrency news Bitcoin

Bullish Bitcoin Miners Cease Selling For The First Time Since 2020

Tony Spilotro by Tony Spilotro
1 month ago
in Bitcoin
Reading Time: 3min read
bitcoin miner btc bullish
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Data shows that Bitcoin miners have ceased taking profit and have started to once again hoard BTC for the first time since mid-to-late December 2020.

What’s notable about this, is the fact that the leading cryptocurrency by market cap appreciated in price by more than double during the sustained selling. If that’s the case, what happens now with miners once again withholding any BTC from entering the already limited supply available to buyers?

Bitcoin Miners Go Back To Holding After Selling Since December

Bitcoin isn’t just an asset, its a blockchain ecosystem kept in operation by a process called proof-of-work. Miners provide computer processing power through converted energy, and in turn they receive a reward of 6.25 BTC as an incentive for their efforts and related costs.

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Related Reading | Record Coinbase BTC Outflows Are The Strongest Bullish Signal “Ever”

When it comes time to pay bills or cover the costs of other operations, miners must sell the BTC they’ve generated into cash, bringing fresh supply into the market. When miners do sell, it can be a short-term turning point for uptrends.

bitcoin btc miners

BTC miners "net position" has turned green for the first time since December | Source: glassnode

Miners, alongside whales, have been responsible for each correction in the crypto market over the last few months, when selling began ramping up in mid-to-late December 2020. Miners started selling BTC following the all-time high being cracked, and have kept taking profit all the way up since then.

According to data from blockchain analytics firm Glassnode, Bitcoin miners are now holding their BTC, rather than selling it into the market to cover operations or to take profit.

Crypto Liquidity Crisis To Kick Into Overdrive Without Incoming BTC Supply

Bear markets cleanse the cryptocurrency’s underlying ecosystem of the weakest participants. Weak-handed investors sell their coins, and underfunded or under-resourced miners – or those with poor access to low energy costs – must close up shop and capitulate.

When the process is said and done, what is leftover is a stronger set of hands, and miners better equipped for a stronger uptrend – the results of which are bearing its fruit now.

bitcoin btc miners

If Bitcoin price has doubled per coin while miners were selling, what happens next? | Source: BTCUSD on TradingView.com

Investors have done their job and held their coins strong as prices began trending, leaving few BTC available for institutions to buy. Miners have been dumping this entire time, keeping price action at bay.

Related Reading | Why March Is The Bloodiest Month In Bitcoin History

With no coins left on exchanges, and no coins coming in from miners, all that’s left is mania-induced, parabolic price appreciation. Where does the leading cryptocurrency by market cap go next from here?

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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