On-chain research provider Glassnode has released data revealing that Bitcoin miners are accumulating while long-term investors are taking profits.
Despite the fact that January saw a lot of sales from miners, Glassnode’s report shows that the mine outflow has so far dried up in February.
The report claims that miners and long-term investors are the two main sellers of Bitcoin during bull markets. According to Glassnode, declining mining outflows can be inferred as bullish, with miners either already covering their operating costs or stockpiling coins in response to Tesla’s $ 1.5 billion Bitcoin investment:
“This suggests that miners have either made sufficient sales to cover the costs, or may mean that they see Tesla’s vote of confidence as a reasonable reason to keep a strong grip on their treasuries.
As miners now hang on to their BTC, Glassnode concludes that the majority of coins sold in the markets are being discharged by long-term investors.
The report notes last week ‘Elon Candle‘- with the single largest daylight in BTC’s history released the day after Tesla’s investment was announced, leading to a 24-hour price increase of $ 7,162 or 18.5% on Monday, February 8th.
Looking at Bitcoin’s average spent life (ASOL), an indicator that measures the average age in days of all used transaction outputs, Glassnode concluded that long-term investors capitalized on Tesla’s news to realize profits.
“The Elon light has raised the average age of coins used from 30 days to 58 days, as shown in ASOL.”
The company noted that Coin Days Destroyed (CDD), which is a measure of economic activity that gives more weight to coins that have not been used for a long time, also shows that older coins are being redistributed. Glassnode concludes that long-term investors have been making profits since October – when BTC broke back over $ 12,000.
Tesla’s investment has also driven record social signals for Bitcoin, with Twitter activity increasing to new heights after the carmaker’s investment was announced.
Despite the profit, Bitcoin’s price continues to take gains, as BTC tested its recent record high of approx. $ 49,600 on February 16th.
More Tags We Lovemobile phone insurance company in india how to report someone for car insurance auto insurance companies which best home insurance 2020 which home insurance company has the best reviews auto insurance companies in america where can i find cheap auto insurance new york state auto insurance companies auto insurance companies in united kingdom can a nurse work for an insurance company