Despite the BTC price rise, Miners aren't selling more coins than usual...
It appears Miners are anticipating the price of Bitcoin going much higher in the near future
The price of bitcoin has been consolidating between $22k and $24k, which is more than double where the price started the year at.
In fact, it's actually over 3x where we started the year ($7k).
Given that backdrop, one might think bitcoin miners would be in a hurry to dump as many coins as they can for as high of a price as they can.
Except that't not really what's happening...
Check this out:
(Source: https://twitter.com/glassnode/status/1341432338627084289/photo/1)
This chart shows a 7 day average miner outflow multiple.
Basically it's a quick way we can see if miners are selling more or less coins than they normally do.
What does this tell us?
The white horizontal line in the chart above is where we are right now and that is basically the average for the last 8 years.
Which means that miners aren't currently selling any more bitcoin than they 'normally' do.
What is especially interesting to me is that if you look back at those major spikes in miner outflows, you can see that they also coinincided with peaks in the price of bitcoin.
There were huge spikes in 2012, in 2013, in 2014, and in late 2017, all of which happened at or around the time bitcoin peaked during that market cycle.
What does the current reading indicate then?
Well, considering that we are so far below the previous spikes, it tells me that we are no where near a peak during this current market cycle.
Miners probably have a better pulse than anyone else on when the market might peak, probably because they play a role in making it happen, and they are telling us we have a lot more room to run still.
For a little fun, here's the number of bitcoin addresses holding at least one bitcoin in them on Christmas Eve:
(Source: https://twitter.com/glassnode/status/1342087257088532480/photo/1)
As you can see, that number just keeps growing.
Miners telling us to keep HODLing because we going a lot higher still!
Stay informed my friends.
-Doc
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Thanks for information... this news is very important
It's obvious miners don't need to sell more as the price hasn't been too low during last few months... There has been quite a few big buys at premium. Usually when there is a lot of small buys that would total to enough, the average price miners get is a lot less than with equal total consisting of big buys...
Very interesting findings.. Thanks a lot for the sources, much appreciated
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