Bitcoin miners' reserves tapped a new one-year high following massive accumulation, while $1.3 billion in BTC was transferred out of exchanges in a day.
$1.3B of Bitcoin Withdrawn from Exchanges as Miners’ Reserves Reach Yearly HighBitcoin miners’ reserves tapped a new one-year high following massive accumulation, while $1.3 billion in BTC was transferred out of exchanges in a day.
After the most recent correction in which BTC lost 15% of value in days, bitcoin miners have started to accumulate in large portions once again. At the same time, yesterday saw the most significant bitcoin withdrawal from crypto exchanges since September.Being the backbone of the Bitcoin network, miners’ behavior in regards to their BTC holdings is essential for the overall landscape around the asset.
Most recently, though, they have been holding on to their bitcoin positions. The cryptocurrency’s latest price slides, meaning the drop from $47,000 to sub $40,000 levels, only propelled miners to increase their accumulation, according to on-chain data from Glassnode.As seen in the chart above, miners have enhanced accumulating since the beginning of January. As a result, their overall balance skyrocketed in the same timeframe and registered a new yearly high.
It’s worth noting that this is the largest daily outflow from exchanges since late September. Back then, the asset’s price was also on the downfall for a while before it reversed its trajectory shortly after and began its October and November bull run, resulting in a new all-time high at $69,000.Following the drop below $40,000 now, bitcoin reacted well and recovered a few thousand dollars in a few days.
to $44,000 today on news about the highest inflation rates in the States in the past 40 years. This became BTC’s new weekly peak.
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