Miners cut bitcoin sales in February

by in Cryptocurrency News

Bitcoin

Researchers from the Glassnode team found that mining pools started selling fewer bitcoins in February.

In January, by contrast, they were actively selling coins to earn as much as possible. By the beginning of this month, the miners received enough funds and switched to accumulative tactics.

The authors of the study emphasized that from the beginning of February, miners began to withdraw cryptocurrency from exchanges. With the funds raised in January, they were able not only to cover their operating costs but also raised the money needed to purchase equipment and increase the hash rate.

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Pools are now hoarding coins, creating a supply shortage in the market. It is this factor that stimulates the rise in prices. Analysts believe that Tesla, which invested $ 1.5 billion in bitcoin last month, helped the miners well.

Long-term holders of the cryptocurrency in February mostly took profit. Glassnode notes that a similar situation was observed in October last year when the bitcoin rate was at $ 12,000.

Today the largest digital currency is trading just above $ 49,100. The coin lacks support for a breakthrough above $ 50,000. Although many analysts expect a historic breakthrough this week.