The analytical company Chainalysis reported that from April to June, miners constantly reduced sales of mined BTC. This means that they accumulate cryptocurrency in order to sell it more expensive later.
Bitcoin miners pay bills, pay employees, and buy equipment with cash, so they are a regular seller in the market. However, recently, the percentage of BTC sold has been constantly decreasing. For example, on may 20, 15% of the number of coins mined was sold, although on average about 60-70% of the extracted BTC is sold per week.
“It seems that miners expect to be able to sell bitcoins at a higher price in the coming months,” analysts at CoinDesk believe.
Note that the bitcoin exchange rate has been in the $8,500-$10,000 channel for a long time, but this does not prevent miners from increasing the reserves of the first cryptocurrency.
However, according to the founder of ByteTree, Charlie Morris, the accumulation of funds by miners may also indicate that they are not confident in the market. Miners may believe that the market simply will not be able to” digest ” additional bitcoins, and in the case of excessive sales, the rate of the first cryptocurrency will fall.
Interestingly, in recent days, the hashrate of the Bitcoin network is breaking records. According to analyst max Keiser, the price of BTC should follow the hashrate to new heights.