Analysts at the Kraken cryptocurrency exchange note that most of the miners, both large and small, have practically stopped selling the mined bitcoins, which led to a shortage of coins in the market.
Kraken researchers called October a “shock” as miners continue to accumulate the first cryptocurrency and there is a “shock” in the market. Due to the lack of BTC in the market, analysts predict the continued rapid growth of the cryptocurrency market.
“Long-term investors did not react to the depreciation in September or growth in October – they continue to accumulate. At the same time, the share of coins that moved between wallets within six months is also decreasing. Now it is 11.8%, which has not been observed since November 2018, when Bitcoin was traded at $ 5,700, “Kraken analysts emphasize.
The number of coins that have not moved at all since mining has grown by 50% since the beginning of September. Currently, the wallets of major North American miners hold 20,400 BTC ($ 1.25 billion at the current exchange rate). Small miners sell part of the mined coins, but they also try to accumulate bitcoins.
Note that at the moment the mining industry has recovered from the bans on the mining of cryptocurrency in China – the hashrate of the Bitcoin network has returned to the levels of this spring.
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