• Bitcoin miners and short-term holders are selling despite the coin recently rallying to retest $25k for the first time this year.
• Data shows that the bitcoin miner outflow multiple is at a 1-month high of 0.834, suggesting miners are leveraging the asset’s recent upsurge to take profits, leading to a massive outflow.
• The BTC number of spent outputs with a lifespan between 1 week and 1 month has hit a 20-month high of 5,333.315, which suggests that BTC holders holding their coins within this time frame are willing to spend them.
Bitcoin Miners & Short-Term Holders Selling
Bitcoin (BTC) miners and short-term holders are selling despite the coin recently rallying to retest $25k for the first time this year. Meanwhile, long-term holders and whales appear to be accumulating.
Miner Outflow Multiple High
Data from blockchain data provider Glassnode reveals that the bitcoin miner outflow multiple is currently at a 1-month high of 0.834, surpassing its previous high of 0.826 observed on Jan 24th 2021. This indicates that miners are taking advantage of the asset’s current upsurge in order to take profits, resulting in an increased outflow rate. Additionally, Glassnode’s Miner Position Index (MPI) suggests that bitcoin miners continue to send out their tokens at moderate rates – potentially dumping them onto the market – while hash rate continues its upwards trend reaching 317 EH/s recently.
Short Term Holder Distribution Campaign
The Number of Spent Outputs with Lifespan between 1 Week & 1 Month has hit a 20-month high of 5,333 according to Glassnode data; this implies that short term holders have been eager to cash in on Bitcoin’s current uptrend as well as possibly dumping their coins onto the market for profit taking reasons. This was highlighted by pseudonymous analyst Venture Founder who outlined this distribution pattern from short term holders over the past 30 days specifically stating “the biggest UTXO distribution took place on Feb 16th when more than 40K Bitcoins were sent outside exchanges”
Whales Accumulating
Despite miners & short term holders selling off their coins; long term holder accumulation appears to be increasing as well as whale activity according to blockchain analytics firm Santiment which reported “We’ve seen 6 whales join #Bitcoin since yesterday morning“. They also noted „Whale wallets now hold 25% more BTC than they did just two weeks ago“. These wallets refer primarily those holding 10K or more Bitcoins according numerous reports from 2020 onwards indicating further signs of institutional accumulation & long term confidence in Bitcoin itself given its recent price action and other developments such as Tesla accepting it for payments along with various large corporations investing into it directly such as MicroStrategy Incorporated and Square Incorporated .
Conclusion
Overall it appears that most investors remain bullish about Bitcoin’s prospects regardless if they’re holding it for longer periods or not; however there does appear some profit taking behavior evident due to certain metrics indicating increased miner & short term holder selloffs which could lead us back into bearish territory if sustained over extended periods but until then most investors remain cautiously optimistic about Bitcoin’s future performance given its current trajectory .