Bitcoin miners continue to transfer their BTC to personal cold storage wallets.
Graph providedGlassnode indicates that most miners do not sell the mined bitcoins, but are waiting for a more opportune moment to sell – i.e. higher BTC price.
The graph shows that in January 2021, minersbegan to actively sell Bitcoin, creating strong pressure on the BTC price. Last week this trend reversed – Most miners are reluctant to part with their bitcoins at the current price.
The first cryptocurrency continues to recover from its recent decline. At the time of writing, BTC is trading around $55,000.
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Bitcoin miners earned about $ 5 billion in 2019