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A recent report from cryptocurrency and blockchain analytics firm Glassnode indicates who is looking to hold Bitcoin and those opting to sell. According to the data, it seems that Bitcoin miners are the ones more likely to store Bitcoin but long-term investors are selling to take profit.
While January might have seen sell-offs from miners, the behaviour has shifted in trader activity significantly. As per the report, miner’s selling has taken a dip which could indicate a bullish sign for the cryptocurrency market. Miners typically sell to cover the cost of operation, but they could be storing Bitcoin to take future profits.
Bitcoin bullish after Tesla investment
The timing of the change in behaviour aligns with Tesla’s $1.5 billion USD investment in Bitcoin, but could just be a fresh shift towards holding because of bullish prospects in the market. According to Glassnode:
“After a period of increased miner distribution during the rally and subsequent consolidation throughout January, miners have actually eased off their sell pressure this week. This suggests that miners have either completed adequate sales to cover costs, or could also mean they see Tesla’s vote of confidence as fair reason to keep a strong grip on their treasuries.”
When Tesla invested in Bitcoin, Bitcoin saw a monumental 18.5% increase over 24 hours, gaining over $7,160 USD on top of its already rising price. At present, Bitcoin is trading at just under $49,000 USD with a 61.25% dominance over the market.