Glassnode records the end of bitcoin sales by miners

This is the first time the trend has changed in months

09.01.2023 - 07:50

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What’s new? According to analytics company Glassnode, the market is now seeing the end of the bitcoin sell-off phase on the part of miners. For the first time since September 2022, there has been a change in the total net position of miners in the first cryptocurrency.

Chart on the Glassnode website

What else is known? In early 2023, the total net position went into the plus side by $40 000, signifying a shift on the part of miners from selling to starting to accumulate bitcoin. The phase change coincided with the beginning of the rise in the value of the asset. On January 1, 2023, bitcoin was trading at $16 500. As of January 9, 07:30 UTC, BTC is trading at $17 192, up by 1,45% in 24 hours (Binance’s data).

In November 2022 there was a mass sale of bitcoins by miners. According to Glassnode, miners sold 135% of the daily coin issue. In addition, in 2022, the annual revenue of miners fell by 37,5% to $9,55 billion. In 2021, the figure was at $15,3 billion.

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