Over the past week, miners have withdrawn at least BTC in wallets for ten years. And the number of coins sent by miners to exchanges reached the lowest level in a year.
Glassnode, the average amount of bitcoins withdrawn from miners ‘ addresses in seven days, reached 987 BTC on Thursday – the lowest level since February 3, 2010. The previous low of 988 BTC was recorded on may 23. However, this is not so much a sign of HODL, as one of the consequences of halving.
Glassnode in its weekly report, the number of coins sent by miners to exchanges is also at its lowest level in a year.
“This is a sign that efficient miners continue to accumulate coins (selling only part of the BTC),” said Asim Ahmad, co-Director of investment at Eterna Capital.
The fact that miners prefer to accumulate bitcoins does not necessarily have long-term “bullish” consequences for the price of BTC. Perhaps, the delay in the sale of mined bitcoins is due to the fears of miners that the demand in the market is not high enough, and not all coins entering circulation will be redeemed at an acceptable price for them.
There is a possibility that miners are waiting for prices to rise in order to sell the extracted coins. Thus, the market may face the arrival of an increased amount of BTC during the rally expected by many, which may lead to a slowdown in price growth and even a reversal.
A more obvious reason for the statistics obtained is the halving of the reward of Bitcoin miners that occurred in may. Within nine days after halving, the volume of coins withdrawn from the addresses of miners fell from 2,334 BTC to 1,034 BTC. That is, the income and expenses of miners, calculated in BTC, fell by half for natural reasons. And such statistics only make sense within each four-year interval with a single amount of reward per block.
The halving of the reward has displaced the least efficient miners, as evidenced by the decline
hashrate by 16% in mid-may. However, left the market, the miners can return to production, if prices rise sharply and the old equipment will again become profitable. On the other hand, the number of bitcoins produced will grow very slightly and not for long.
Now the exchange rate of bitcoin to the dollar is about $9,300, showing a slight decrease over the past day according to CoinMarketCap. As reported
Glaasnode earlier this month, 87% of all BTC in circulation remain profitable.