Bitcoin Miners Net Position Turns Positive: Is A Rally to New Highs Overdue?

glassnode studio bitcoin miner net position change

After weeks of gut-wrenching volatility, the start of April has been much kinder to Bitcoin. Following a record-breaking $6.4b options expiry, Bitcoin’s price action has been far less volatile in the past few days. According to the Bitcoin Volatility Index, its 30-day volatility has dropped from a high of 5.34% on March 9 to 3.42% at time of press. The major cryptocurrency’s price level is consolidating just under the asset’s all-time high of $61,800 — a welcome sign after its prices plummeted to $51,000 just a week prior. As Ethereum rallied to a new all-time high of $2144, many investors have wondered whether Bitcoin would also push higher past its previous high. According to one particular on-chain metric, it may be due for a substantial move up. Analyzing Bitcoin Miner Net Position Change Ever since Bitcoin miner net position change turned positive this past Tuesday, miners have continued to accumulate…

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