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Key on-chain metric shows Bitcoin miners in ‘massive’ BTC accumulation mode

WikiBit 2022-01-11 22:30

Abstract:Data shows lost and held Bitcoin hitting a one-year high, while miners opened the year by accumulating “massive” amounts of BTC.

  Bitcoin miner net position change anotated chart. Source: Bitcoin Archive/ Twitter

  The past five days have each seen more than 5,000 BTC per day land on miners' books, with accumulation in fact ongoing since before November's $69,000 all-time highs.

  Further data from fellow on-chain analytics service CryptoQuant spotlighted the extent to which miners have regained their BTC real estate since May's China upheaval.

  Total BTC reserves were 1.859 million BTC as of Monday, the most since a marked reduction at the end of 2020 after BTC/USD passed its previous all-time highs from 2017.

  Bitcoin miner reserve chart. Source: CryptoQuantHodling the hardest since last January

  Returning to strong hands, the proportion of the Bitcoin supply deemed either lost or ferreted away by long-term investors hit a one-year high this week.

  Related: Bitcoin batters longs as liquidations copy May 2021 run to $30,000

  Underscoring the conviction of hodlers, 7.27 million BTC is now off the market — possibly forever.

  The metric also saw a bottom over the summer thanks to the price disruption wrought by China's ban on mining.

  By contrast, Glassnode shows, an accumulation trend has been accelerating since $69,000.

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