According to Glassnode, which provides data on cryptocurrencies, the seven-day average of the amount of Bitcoin transferred from miners' addresses has been floating at levels not seen since February 3, 2010.
As Glassnode stated in its weekly report, the number of coins sent by the miners to the exchanges is also at the lowest level in a year.
Asim Ahmad, chief investment officer of London-based Eterna Capital, said in a statement to CoinDesk, “This is a sign that efficient miners are collecting Bitcoin. They only sell some BTC. ” said.
Miners' accumulation of Bitcoin may show that they expect a price increase to sell. Therefore, the market may face a higher than normal sales of miners during the next significant price increase, which may curb the rising price.
Another main reason for the decrease in the amount of miners' wallets to drop was that the reduction in bitcoin produced since the block prize halfway in May.
On the other hand, miner's participation in the Bitcoin network improves after the split. The hash rate, which dropped above 30 percent following the halfway, has come very close to catching the peak levels in recent days. Following the rise in the hash rate, the Bitcoin challenge also rose 15 percent a few days ago.
The biggest cryptocurrency with its market value is trading at $ 9320 in minutes of the news.