Bitcoin miners now hold 1.856 mn BTC in two-year high, a new data reveals
Miners turn from sellers to hodlers over July as the crypto capitulation phase seems to be over
By Shashank Bhardwaj
The month of July has seen a substantial increase in the holdings of crypto miners as the Bitcoin prices rise and stabilise at a higher stake. This comes after the worst phase of June's market capitulation, with the market rising to 38 percent of what it was at the beginning of June. With a slightly bullish run, the crypto miners are now holding more Bitcoin than they did during the 2020 bull run. The published data suggests that July saw a dramatic decrease in the miners' number of Bitcoin sent to the exchanges.
Earlier in December 2020, Bitcoin hit its all-time low of $17,600 and left miners struggling with their BTC holdings. With the start of August, as the Bitcoin rises to a higher value, the daily average of Bitcoin transfers to exchanges has narrowed to below 1000 BTC. On August 2, the transfer turned out to be drastically low since it was only around 359 BTC being sent by the miners. The total holding as of August 3 was 1,864,842 BTC.
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