Bitcoin Miners Are Again Stacking Coins in a Positive Sign for the Market
“Miners [now] have a net accumulation of liquid assets as they have enough cash in reserve to run their future operations, having liquidated holdings when the bitcoin price was between $20,000 and $40,000, or most of them are holding in anticipation of a price rally,” Flex Yang, CEO of Hong Kong-based Babel Finance, said in an email.
Miners predominantly operate on cash and liquidate holdings to meet expenses. However, the pace of miner selling varies from time to time depending on mining-specific factors and bitcoin’s price expectations.
