After the most recent correction in which BTC lost 15% in value in days, bitcoin miners started accumulating in large part again. Meanwhile, yesterday saw the largest bitcoin pullback from crypto exchanges since September.
Bitcoin Miners Change of Strategy
Being the backbone of the Bitcoin network, miners’ behavior in regards to their BTC holdings is essential for the overall landscape around the asset. Typically, they tend to sell after a substantial price appreciation to cover some of its electricity costs or simply realize profits, and vice-versa.
More recently, however, they have held onto their bitcoin positions. The cryptocurrency’s latest price declines, meaning the drop from $47,000 to levels below $40,000, have only pushed miners to increase their accumulation, according to on-chain data from Glassnode.
As the chart above shows, miners have improved their accumulation since early January. As a result, their overall balance skyrocketed over the same period and hit a new yearly high.
30K BTC Left Exchanges
In addition to miners refusing to dispose of their BTC holdings, data from CryptoQuant data revealed that investors have started to withdraw substantial bitcoin quantities from exchanges.
Daily exits from major trading platforms closed at 30,000 BTC yesterday. From a USD perspective, this amount is approximately $1.3 trillion with today’s prices.
It’s worth noting that this is the largest daily outflow from exchanges since late September. Back then, the asset’s price was also on the downfall for a while before it reversed its trajectory shortly after and began its October and November bull run, resulting in a new all-time high at $69,000.
Following the drop below $40,000 now, bitcoin has responded well and recovered a few thousand dollars within days. Additionally, the asset jumped to $44,000 today on news of the highest US inflation rates in 40 years. This became BTC’s new weekly peak.
