Bitcoin miners hold more coins than they did two years ago even as price remains capped around $11,400
Miners on the Bitcoin network have increasingly become bullish about the top cryptocurrency’s potential long term gains, per data collated from wallet addresses.
This is despite the price of Bitcoin r struggling to stay above $11,500 and finding the hurdle above $12K too high for the time being.
According to data from on-chain analytics platform Glassnode, the total number of bitcoins held by miners has reached a two-year high. Wallet balances the platform tracks show that miners currently hold nearly $1.9 million bitcoins, the highest amount since 2018.
Importantly, miners’ overall holdings are shown to have increased since September 2019, rising steadily despite Bitcoin’s price crash in March 2020.
Total wallet holdings dipped in June this year, but miners have since held onto more of the minted coins in the last three months.
Hodlers are optimistic about BTC/USD
The bullish sentiment held by miners is visible among most bitcoin holders, with data showing that nearly 44% of Bitcoin supply has not been moved in the past two years.
That is around 8 million bitcoins held in wallets since BTC/USD hit an all-time high price around $20K, with 14% of that held in over 500k accumulation addresses.
On-chain data shows that the number of accumulation addresses, which post “at least 2 incoming non-dust transfers and have never spent funds,” hold about 2.6 million bitcoins. It’s a bullish signal for Bitcoin, which is projected to hit a new high in 2021 if the market repeats the last bull cycle.
BTC/USD price
Bitcoin’s slump from highs of $11,800 to