The on-chain data analytics firm Glassnode reported that miners have continued accumulating Bitcoin. According to the tweet, Bitcoin miners had lowered their spending compared to early January when outflow was high.
Bitcoin outflow by miners has dropped to the lowest level in four months and currently sits around 49.9 BTC per day. Miners accumulation has continued to strengthen as seen in their net position change, reveals the analytics firm.
According to Galassnode, miners’ net position change has turned positive, indicating a reluctance to sell their coins. This comes after Bitcoin entered a deep correction on April 25. As per general sentiments and reports, it could be that miners are accumulating in anticipation of a price surge.
Long-Term Holders Continue Accumulating Bitcoin
BeInCrypto also noted recently that long-term Bitcoin is still being accumulated using three key metrics – Dormancy, Coin Days Destroyed (CDD), and Spent Output Age Bands.
Based on the metrics, fewer old coins were spent than young coins during the April 25 correction. Its Bitcoin CDD data shows that majority of the spending amid the dip was from short-term holders.
Following the wide market correction, Bitcoin has managed to recover some of its losses. At press time, Bitcoin was trading around $54,423 after dropping from an intraday high of $56,227. However, Bitcoin dominance continues to slide lower, today at 48.5%.