On-chain analytics provider, Glassnode, has published data revealing that Bitcoin miners are accumulating while long-term investors are taking profits.
Glassnode’s report shows that mining outflows have dried up during February so far, despite January seeing strong sales from miners.
The report asserts that during bull markets, miners and longer-term buyers are the two biggest Bitcoin sellers. According to Glassnode, declining mining outflows may be inferred as bullish, with miners have either already paid their operational costs or stockpiling coins in reaction to Tesla’s $1.5 billion Bitcoin investment:
“This suggests that miners have either completed adequate sales to cover costs, or could also mean they see Tesla’s vote of confidence as fair reason to keep a strong grip on their treasuries.”