- Bitcoin mining has increased at its quickest pace since May 2021.
- The total number of Bitcoin reserves was 1.859 million on Monday.
Bitcoin prices have shown signs of revival in the past two days after a terrible start to 2022. That’s because of the massive buildup of miners over the previous several days. Miners are holding more Bitcoin (BTC) than at any time in the last five months, which might be a new warning that the present prices are not for selling at this point.
On-chain analytics company Glassnode’s miner net position change indicator highlighted what prominent Twitter account Bitcoin Archive referred to as “massive” accumulation by miners on January 11. Long-term crypto players are unaffected by this year’s poor Bitcoin price.
Highest Levels of BTC Reserves Since 2020
In the first two weeks of 2022, miners’ BTC holdings increased significantly, joining the ranks of experienced investors and powerful hands. Since November’s $69,000 all-time highs, miners have been accumulating at a rapid speed, and for the last five days, it has been more than 5,000 BTC a day. Bitcoin mining has increased at its quickest pace since May 2021.
Miners are accumulating #Bitcoin at the fastest rate since May 2021!💥🚀 pic.twitter.com/5n9RRty0Qi
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) January 11, 2022
In addition, new data from on-chain analytics provider CryptoQuant revealed the degree to which miners have reclaimed their BTC pace since May’s turmoil in China. This is the highest level of reserves since 2020, when BTC/USD broke above its previous all-time highs from 2017. The total number of Bitcoin reserves was 1.859 million on Monday.
According to CoinMarketCap, the BTC price today is $42,688.96 USD with a 24-hour trading volume of $25,495,889,727 USD. Furthermore, BTC has been up 1.25% in the last 24 hours.
Read More: Bitcoin Price Prediction
