Bitcoin miners appear to be stashing away their coins for higher prices. Notably, direct transfers from miners to exchanges dropped by almost 40% since mid-March. Miners are now back in accumulation mode with around 5,000 BTC added to BTC’s unspent supply since the start of February.
Data acquired from Glassnode on-chain analytics provider indicates that miners’ BTC balances have been surging since late March. The increase comes after heavy outflows in January and constantly reduced selling in February and earlier in March.
Glassnode CTO Rafael Schultze-Kraft highlights several metrics pointing to recent miner accumulation; including the flows from miner addresses, miner position net change, and unspent bitcoin supply.
Glassnode’s data indicates that unspent supply has started to rise after recording a steep plunge in January when around 15,000 previously dormant coins moved from mining addresses for the first time. Unspent supply is the bitcoin that has never been transferred from the (miner’s) original recipient address.
About 5,000 newly minted bitcoins have been added to the BTC unspent supply since February which brings the total up to 1.765 million Bitcoin.
The direct transfers from miner wallets to crypto exchanges have also plunged considerably in recent weeks, dropping from a 30-day moving average of about 450 BTC in mid-March to 275 BTC currently.
Schultze-Kraft described BTC mining as portraying “great fundamentals,” noting another all-time high for the daily hash rate of around 178 exahashes per second on April 6 coupled with new record highs for BTC mining difficulty.
Moreover, he shared data showing that miner revenues have increased by 300% in roughly one year. This surge has pushed into new all-time highs above $50 million to now sit at a 7-day moving average of about $60 million. He concluded:
“Miners have little to no incentives to be cashing out right now, selling or capitulation [is] not in sight.”
The real prosperity of BTC miners can be seen in the share performance exhibited by North America’s listed mining companies. Notably, the recent analysis discovered that the stocks of the four-biggest publicly-traded BTC mining firms gained 5,000% in 12 months while the spot BTC prices surged by 900% over the same period.