Crypto miners are starting the new year by increasing their accumulation of bitcoin. But amid the recent sharp drop in bitcoin prices, some might be forced to monetize their minted tokens.
Crypto miners are starting the new year by increasing their accumulation of bitcoin, according to on-chain analytics firm Glassnode’s data. Amid the recent sharp drop in bitcoin prices, however, some miners might be forced to monetize their mined bitcoins.which tracks the 30-day change in the net buying and selling activity in the miners’ addresses, has seen a large positive change since Jan.
“We anticipate this trend of miners holding on to their bitcoin rewards is likely a result of them being prudent with their finances by holding their crypto until prices rise,” said Danni Zheng, vice president at BIT Mining. “We imagine other miners like us will wait to strategically sell our bitcoin holdings in order to lock in optimal returns.”
“As the price of bitcoin falls further, the miner unspent supply is increasing and the miner net position change is becoming more positive,” said Marcus Sotiriou, an analyst at the U.K.-based digital asset broker
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