- Miners have added another 8,874 BTC to storage.
- Glassnode CIO points out the Miner Position Indicator is now positive.
- Miners’ storage of BTC will also raise prices.
Bitcoin miners have been focusing on saving rather than spending their earnings. Bitcoin’s price potential since March 2021 has inspired miners to save their bitcoin rather than dumping it on the market.
This move could spark a further price increase in the crypto’s value.
Glassnode CIO Lex Moskovski has confirmed these findings. He took to his Twitter to share that the Bitcoin Miner Position Indicator has turned positive.
Miners have stopped selling and started accumulating #Bitcoin
Yesterday was the first day since Dec, 27 when Miners Position change turned positive.
Miners were selling their bitcoins for two months.
— Lex Moskovski (@mskvsk) February 27, 2021
He noted further, “Miners started really ramping up their positions”, in another tweet.
This is the first time since December 27 that miners are choosing to store rather than sell their bitcoin. On Friday and Saturday alone, they added over 500 million dollars worth of bitcoin to their storage.
A Bullish Trend
Moskovski pointed out in his tweets that this storage trend among miners is a bullish indicator. This is in line with Bitcoin’s current price trend as it continues to rise higher with smaller and smaller pullbacks. At the time of writing, bitcoin is trading at $57,570.
In what seems to be an optimistic outlook on the virtual currency’s future, miners are trying to increase their own BTC stashes. This move is welcome by crypto enthusiasts, as this will further raise BTC prices, especially following the major sell-off earlier this year.