Bitcoin miners are in trouble as long-term investors profit

Glassnode, an online analysis provider, has released data showing that bitcoin miners are accumulating BTC while long-term investors are taking profits. Bitcoin despite the massive sell-off of miners in January, glassnode reports that BTC outflows from miners have dried up so far in February. Miners and long-term investors were the two main sellers of bitcoin during the bull market, the report said. According to glassnode, the reduction in miners’ outflows can be considered bullish, with miners having paid operating costs or storing coins in response to Tesla’s $1.5 billion bitcoin Investment: “this indicates that miners either have completed enough sales to cover costs, or they may also mean that they see Tesla’s vote of trust as a tight hold on Treasury bills Reasonable grounds. ” Glassnode concludes that as miners are now trading with BTC, it concludes that most of the tokens sold in the market have been sold by long-term investors. Last week’s Elon candle, the largest K-line candle in BTC’s history, appeared the day after Tesla’s investment was announced, resulting in a 24-hour price rise of $7162, or 18.5%, on Monday, February 8, according to the report. By looking at bitcoin’s average life of output spent (ASOL), which measures the average number of days spent trading output, glassnode concludes that long-term investors use Tesla news to make profits. “Alon candles show that Elon candles increase the average coin life spent from 30 days to 58 days.” The company points out that coin days destroyed (CDD), a measure of economic activity, gives more weight to coins that have not been used for a long time, which also indicates that older coins are being redistributed. Glassnode concluded that long-term investors have been profitable since October, when BTC broke through $12000. Tesla’s investment also boosted bitcoin’s record social signals, with Twitter activity surging to new highs after the announcement of the automaker’s investment. Despite profit taking, the price of bitcoin continued to rise, with BTC testing its all-time high of nearly $49600 on February 16. Both analysts believe that bitcoin (BTC) is in the early stage of a bull market. Dan tapiro: the current bull market of bitcoin is not comparable to the tulip bubble of the 17th century. Bitcoin (BTC) is still under selling pressure, and Ethereum (ETH) prices have temporarily stabilized

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