Bitcoin Miners Reluctantly Holding Back BTC From Sending Them to Crypto Exchanges
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Bitcoin Miners Reluctantly Holding Back BTC From Sending Them to Crypto Exchanges

April 29, 2021      Sahaj Sharma

Glassnode reports that Bitcoin miners are holding their mined coins even tighter than they were holding them in January from sending them to crypto exchanges. The analytics team at the famous data aggregator mentioned that the volumes have hit a four-month low and miners have been sending much less of the Bitcoin they extract to crypto exchanges.

Bitcoin Miners Holding Their Digital Gold Tight 

In accordance with the data provided by the data aggregator Glassnode, the outflow of the miners of Bitcoin has witnessed its lowest level in the past four months since the month.

At the time of writing this article, the outflow is equal to 49.9 BTC.

Also, the data says that dissimilar to the situation which was there back at the beginning of this year, extractors are now stockpiling the top digital currency. 

The MNPC Index, which is the Miners Net Position Change index, has been going green at a fast pace, which ultimately means that the miners have not been selling further.

In addition to this, the data that was provided by the chart revealed that the highest levels of the outflows of the Bitcoin miners were witnessed at the beginning of the month of January. However, it suddenly plunged later the same month.

BTC Unable to Surpass the Mark of $55K on Crypto Exchanges

The largest cryptocurrency by market capitalization, Bitcoin, has not been unable to surpass the mark of $55K after dropping from its all-time high of $64,671. The cryptocurrency was able to reach its all-time high on April 14, after which, it has not witnessed any significant jump in its prices.

Also, it dropped below the level of $48,000 on April 26, and since then, it has been trading sideways between the levels of $48K and $55K. In other words, it can also be said that the price of the digital asset is unable to move further North.

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Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.