Bitcoin (BTC) miners and short-term holders are selling despite the coin recently rallying to retest $25k for the first time this year. Meanwhile, long-term holders and whales appear to be accumulating.
Miners and short-term holders’ distribution campaign
The recent distribution campaign was highlighted today by blockchain data provider Glassnode in a series of charts.
Data shows that the bitcoin miner outflow multiple, which measures the amount of bitcoin being moved out of miner wallets compared to its historical average, is at a 1-month high of 0.834.
This significant increase surpasses the previous high of 0.826 observed on Jan. 24, suggesting that miners are leveraging the asset’s recent upsurge to take profits, leading to a massive outflow.
Source: https://crypto.news/bitcoin-miners-and-short-term-holders-are-selling-as-whales-accumulate-glassnode-data-shows/