Bitcoin miners are stashing away their coins for higher prices, with direct transfers from miners to exchanges plummeting nearly 40% since mid-March.
Data from on-chain analytics provider Glassnode shows that miners’ BTC balances have been increasing since late March, following heavy outflows throughout January and consistently reduced selling during February and earlier in March.
Glassnode CTO Rafael Schultze-Kraft, notes several metrics pointing to recent miner accumulation — including flows from miner addresses, unspent BTC supply, and miner position net change.
Glassnode’s data shows that unspent supply — BTC that has never been transferred from the (miner’s) original recipient address — has begun to rise after seeing a sharp drop in January, when 15,000 previously dormant coins were moved from mining addresses for the first time.
BTC unspent supply: Glassnode
Since February, roughly 5,000 newly minted BTC have been added to Bitcoin’s unspent supply, bringing the total up to 1.765 million Bitcoin.
Direct transfers from miner wallets to exchanges have also dropped substantially in recent