According to recent data from analytics firm Glassnode, Bitcoin miners have continued to “hodl” the leading cryptocurrency. Rather than sell their newly-minted Bitcoins, miners are increasing their positions, and have recently added another 8,874 units to their stash.
Lex Moskovski, the CIO of Moskovski Capital, shared two charts from Glassnode on Twitter. The charts show that the Bitcoin Miner Position indicator has turned positive.
Judging from the data, miners are opting to accumulate Bitcoin rather than sell. On Friday and Saturday of last week, they added 8,874 BTC (equivalent to $523,647,640) to their position.
BTC PEERS had earlier reported that the rate of selling from miners dropped significantly in February. While January was characterized by heavy selling, miners turned to “hodlers” in February. Glassnode in trying to explain the behavior change had said:
This suggests that miners have either completed adequate sales to cover costs, or could also mean they see Tesla's vote of confidence as a fair reason to keep a strong grip on their treasuries.
If this is the case, miners could be seeing a strong future for Bitcoin, amid the growing popularity of the flagship cryptocurrency.
Meanwhile, Bitcoin retested the $60,000 mark on April 2. It failed to sustain the price and is currently trading in the $59,500 range.