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Bitcoin’s Long-Term Investors Reaping Profits While Miners Start To Hodl
Last Updated: 16 February 2021
Glassnode, one of the crypto space’s most prominent on-chain analytics providers, has recently published a new set of data. This data reveals that the Bitcoin miners are starting to hodl their various Bitcoin earnings, with the long-term investors opting to reap their hard-earned profits.
Miners Taking A Step Back
Miners had been heavily selling in January, but Glassnode’s latest report showed that they all seemingly decided to stop, with the miner outflows drying up almost completely for February.
In the ongoing bull market, the report claims that it’s the longer-term investors and the miners that are the two driving sellers within the ongoing bull market for Bitcoin. Glassnode declared that the miner outflows had seen a decline, which can be interpreted as bullish in one of two ways: Either these miners have already covered their costs with the Bi