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Bitcoin Miners HODL as Institutions Continue to Accumulate: Analysis

As bitcoin’s price added roughly $4,000 in a day, on-chain data shows that miners have enhanced their holding mentality and stopped disposing of their coins.
At the same time, institutional investors continue accumulating large portions of BTC after another sizeable withdrawal from Coinbase worth over $800 billion.
Miners HODL
Miners, also known as the backbone of the Bitcoin network, receive coins as rewards for the work they put in to maintain BTC’s blockchain. Their behavior and approach towards the newly-acquired tokens could have some impact on the asset price, especially if they decide to sell in bulk.
CryptoPotato previously reported similar occurrences. In February alone, there were two spikes of known miners’ wallets transferring massive quantities to exchanges. After each, the cryptocurrency’s price dumped between $5,000 and $13,000 in a matter of days.
Since those events, though, it seems that miners have changed their attitude towards bitcoin. Data provided by the analytics resource CryptoQuant says that the Miners’ Position Index (MPI) has plummeted in recent weeks into negative territory.
The metric shows the ratio of bitcoins leaving the known miners’ wallets to its 1-year moving average. According to the company, if the value goes above two, it suggests that most miners are currently selling.
Bitcoin Price vs. Miners’ Behavior. Source: CryptoQuantInstitutions Withdrew Another Multi-Million Chunk from Coinbase
While miners seem to be in a HODLing mood, institutional investors have only enhanced their appetite towards the primary cryptocurrency.
Further data from the analytics company shows that large investors have made another sizeable …
Story continues on Crypto Potato

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