Bitcoin Miners Slow Down Selling, A Structural Change?

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Bitcoin miners are selling a lot less than at the beginning of the year, with it down to under 1,000 bitcoin on some days and usually around 1,300 bitcoin a day. That’s considerably less than the 3,000 daily in February last year with a 2,000 now and then, or the 5000 bursts in May 2020. You can see just visually the left is a bit fatter with it thinning as you move to the right of the chart. 2,000 now is more a burst than the usual, with miners clearly turning more towards holding after presumably securing enough in the early parts of 2020. There’s numerous reasons, but the main one is probably the ruthless mining carousel that keeps revolving. Antpool once was a giant. It’s now less than 10% of the total hashrate. There’s a Huobi pool and even a Binance one which isn’t shown above for some reason.…

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