Bitcoin Miners Reduce BTC Selling Amid Price Crash

Bitcoin, the world’s largest crypto asset, is down more than 20% in the last 7 days after heavy selling pressure pushed the price of BTC below $44,000 on Sunday. 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 reverted to positive on Friday for the first time since 27 December 2020, indicating that BTC miners are planning to hold the world’s largest cryptocurrency.

Since the start of 2021, Bitcoin miners have sold BTC in large amounts due to a surge in the price of the digital asset. 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 February amid growing interest from institutions. Tesla announced its $1.5 billion investment in BTC, and MicroStrategy purchased $1 billion worth of Bitcoin within the last month. BTC price saw a crash during the last week of February amid huge selling pressure from retail clients and a surge in anonymous BTC transactions.

China’s Bitcoin Mining Dominance

China is a dominant force in cryptocurrency mining. The miners based in the country account for more than 50% of the global Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term. Despite some regulatory and energy-related challenges, the Bitcoin mining business is flourishing in the country. The recent data shows that the Chinese Bitcoin miners have decided to accumulate BTC instead of selling during the price crash. Bloqport, the crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term and research platform mentioned on Twitter that the latest positive change in Bitcoin miners’ net position shows that the selling intensity of BTC miners is decreasing slowly and steadily.

The crypto market lost more than $300 billion in the last 7 days after a massive drop in BTC and Ethereum. As of writing, the overall market cap of digital assets stands at around $1.4 trillion.