The rate of Bitcoin selling by miners tells a lot about the next move of the price value. The crypto analytical firm shares the data that miners are selling less Bitcoin currently.
Known for providing crypto analytics, Glassnode comes up with a new chart showing that miners are less interested in selling BTC. The change has been seen more significantly after the halving happened in May.
There might be some reasons why miners are not selling their Bitcoin stock.
The Price is Low
The mining process is an expensive task, and miners get profit after giving away those coins, which they mine using the high consuming machines. They ready to do this if the current value suits them and result in profit at the end.
The current scenario shows that they do not consider that the price is too high, and they are waiting to see a high price. As the rewards cut into the half after the halving and to get profit from mining has become more difficult than ever. That’s why they are waiting for the right moment to empty their coin inventory.
The Price is going to Moon
In another case, they have a strong belief that a bullish rally is going to launch soon. To take benefits of the next bull run, they are busy increasing the holdings of Bitcoin. It is because analysts are expecting from the top digital asset to rise after halving following the previous trends. After every halving, the price went high but not very immediately. Similarly, the value did not show an immediate bull show just after the halving, but now’ it’s time to shine.
According to a recent report, the financial management giant Grayscale is purchasing more bitcoins besides getting all newly-minted BTC supply. As Grayscale targets institutional clients, it shows that big players are interested in bitcoin in anticipation of a big bull run on the part of the world’s top digital asset.
At press time, Bitcoin is trading at $9,737 and is heading towards $10,000, the key psychological level.
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