According to Glassnode, Moskovski Capital CEO, Lex Moskovski, said that Bitcoin miners have stopped selling their BTC and have started to accumulate. For the first time since December 27, the Miner Net Positive indicator has gone green.
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.
Bullish. pic.twitter.com/S89iBcz4k3
— Lex Moskovski (@mskvsk) February 27, 2021
Miners begin accumulating Bitcoin instead of dumping, the first time since Dec 27
Miners now are not in a rush to part with their Bitcoins and prefer to accumulate them after selling coins for around two months in a row.
The largest accumulator of Bitcoin and other digital currencies, Grayscale, has lost a staggering $2.6 billion in a single day. The worth of Bitcoin, in particular, held by Grayscale has shrunk by $2.1 billion – from $32.832 billion to $30.724 billion.
As of February 26, the company holds a total of $36.5 billion in crypto AUM compared to $39.1 a day earlier. On Friday, the flagship cryptocurrency plunged from the $48,179 level to the $45.305 zone.
On the same day, the company had confirmed that it has been considering the launch of new crypto trusts based on popular altcoins and DeFi cryptocurrencies – Chainlink, ADA, Compound, Yearn.Finance, Monero, Polkadot, etc – a total of 23 coins is being considered by Grayscale at the moment.
Glassnode said that such addresses containing 1,000 BTC or more were on the rise in the past 11 months – from March 2020 to early February 2021. The firm described this as Bitcoin whale spawning season as these wallets increased by more than 14%.
During the same period, BTC’s price skyrocketed from its mid-March low of $4,000 to nearly $60,000. However, whales seemed to have taken profits last week as their holdings decreased significantly, as the graph below demonstrates.
Bitcoin Whales Behavior 2020-2021 | Source: Glassnode
The supply of the so-called whale to humpback category has decreased with about 140,000 coins in February. In USD terms, this considerable amount is over $6.5 trillion.
You can see the BTC price here.
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