Bitcoin (BTC): The reserves of mining professionals reach a record

Following a massive accumulation, the pool of professionals in the mining of bitcoins (BTC) reached an annual high. At the same time, $1.3 billion worth of BTC was moved off exchanges in one day.

The specialists of mining reverse the trend

Recently, the price of BTC has fallen. He has lost about 15% of its value in a few days. As a result, professionals in mining started hoarding large amounts of money again. In principle, usually, when the price of BTC experiences a substantial appreciation, the specialists of the mining they tend to sell some of their stock in order to make a profit.

However, this time the trend has reversed. Indeed, they kept their reserve of BTC. Moreover, in the period when BTC was going from $47,000 to $40,000, according to data from glass knot, they significantly increased their stock by refusing to sell cryptocurrencies.

Behavior of BTC miners. Source: Glassnode

As the graph above shows, specialists in the mining have increased their accumulation since the beginning of January. As a result, their overall balance skyrocketed over the same period and hit a new yearly high.

Good news at the end of the dark tunnel

While specialists in mining refused to dump their BTC holdings, according to data from CryptoQuant, investors, on the other hand, began withdrawing substantial amounts of bitcoins from exchanges. This action has drastic consequences on the market. Indeed, the statistics indicated that the outflows of the largest exchanges were closed at 30,000 BTC in the day of January 13, which corresponds to approximately 1.3 trillion dollars.

Analysts note that the amount represents the largest daily outflow from trade recorded since the end of September. At the time, the asset’s price was also down for a while before reversing its course shortly thereafter and starting its October and November bull run, culminating in a new all-time high at $69,000.

In this horizon that seems dark, there is however good news to remember. Since dropping below $40,000, BTC has recovered a few thousand dollars in a matter of days. Furthermore, the digital asset has surged in value to a level of $44,000 thanks to rising inflation rates in the United States over the past 40 years.

Bitcoin (BTC) has found its way back to growth after a dramatic drop in value over the past few months. During this sensitive period for cryptocurrency, specialists in the mining behaved strangely. Contrary to their habit, they refused to part with their stock of BTC by selling part of it.

Source: CryptoPotato

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TCT writing

Behind the generic signature “TCT Writing” are young journalists and authors with specific profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.

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