The world’s leading cryptocurrency, bitcoin, is down more than 20% in the last seven days after heavy selling pressure pushed the price of BTC below $44,000 on Sunday. As a result, Bitcoin miners have reduced their BTC selling as their net position turned positive for the first time in 2021. According to the data published by the on-chain market analysis platform, Glassnode, Bitcoin miners’ net position change returned to positive on Friday for the first time since 27 December 2020.
For the first time since late December of last year, #Bitcoin miners’ net position change reverted back to positive, indicating miners selling pressure may subside.
— Bloqport (@Bloqport) February 28, 2021
BTC miners are planning to hold their earnings.
Bitcoin miners’ net position change indicates that BTC miners are planning to hold the world’s largest cryptocurrency. Since the beginning of this year, Bitcoin miners have sold their holdings in large amounts due to a surge in the digital asset price. Data from Glassnode indicates that BTC miners dumped their holdings significantly during the last week of January 2021. Bitcoin registered an all-time high of $58,000 in mid-February amid growing interest from major institutions around the world.
Bitcoin witnesses interest from institutions.
As reported earlier, Tesla announced its $1.5 billion investment in bitcoin, and MicroStrategy purchased $1 billion worth of Bitcoin within the last month. The price of the leading cryptocurrency saw a crash during the last week of February amid huge selling pressure from retail clients and a surge in anonymous bitcoin transactions. China is a dominant force in the crypto mining industry. The miners based in the country account for more than 50% of the global hash rate. Despite some regulatory and energy-related challenges, the Bitcoin mining business is flourishing in the Asian country. According to recent reports, Chinese Bitcoin miners have decided to accumulate BTC instead of selling during the price crash.