Miners suspended the sale of their bitcoins

Experts of the analytical platform TradingView said that the last weeks of Bitcoin miners have practically stopped selling the first cryptocurrency reserves, preferring to save coins on their balance sheet.

According to TradingView, confirmed by the observations of the Glassnode analytical company, miners began a little, but to increase reserves. If in April their wallets contained 1,794,622 BTC, then by mid -May this figure increased to 1,797,330 BTC. The total increase amounted to 2.708 BTC, or 0.15%.

TradingView noticed that earlier miners actively sold mined coins for several months to cover operating costs, including electricity and equipment. However, now, when the price of bitcoin ranges in the region of $ 100,000, they have moved to the retention strategy.

This behavior was a surprise to crypto -investors, especially against the background of bitcoin price growth by almost 20% and the Hash Ribbon indicator signal, which indicates a favorable moment for buying an asset, TradingView experts said.

The main investment director of LEDN John Glover said that the Bitcoin retention strategy could give miners the opportunity to extract additional profit from the increase in the cost of coins, delay tax payment and even get additional income, transferring BTC to credit.

The head of LEDN added that if the trend for the accumulation of VTS is preserved, then the first cryptocurrency can strengthen its position as “digital gold”, and miners that have switched from sales to accumulation will become an important factor that determines the future movement of the digital asset market.

Earlier, experts of the CoinShares portal said that mining bitcoins, which was once considered “gold residential” for enthusiasts and crypto companies, gradually turned into a financial trap, and the viability of most small market participants was in question.

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