MicroStrategy plans to purchase Bitcoin for $ 1 billion

by Patricia Lin
MicroStrategy plans to buy Bitcoin for $ 1 billion

New knowledge from Glassnode reveals that Bitcoin miners are more and more holding onto their BTC rewards, whereas long-term traders are profiting from their income.

After the announcement of Tesla's billion greenback funding in Bitcoin made waves within the crypto house final week, the BTC worth reached a brand new all-time excessive ($ 49,708.58) by scratching the 50,000 mark. Now, new knowledge from Glass node an fascinating improvement. According to this, Bitcoin miners more and more stored their BTC shares, whereas long-term traders have been extra prone to take income. That regarded completely different in January. The gross sales of the miners even ensured that the value of the digital retailer of worth quickly fell under the 30,000 mark once more.

The knowledge preparers report concludes that the Bitcoin miners' eased promoting stress might have two causes. First of all, it’s attainable that miners would have coated their prices by the earlier BTC gross sales in January, in order that there would now be no additional gross sales want. Another clarification might really result from a sign of confidence from Tesla. The billions invested by the US firm Bitcoin Miner might have precipitated them to carry onto their BTC holdings. The report mentioned extra exactly:

This means that Bitcoin miners have both made enough gross sales to cowl the associated fee. Or that they see Tesla's leap of religion as a authentic motive to maintain their coffers beneath management.

Glassnode insights: The Week On-Chain

Record gross sales for Bitcoin miners

Meanwhile introduced Glass node set a brand new document in a Twitter post on February 11th. According to this, Bitcoin miners would have generated a turnover of Four million US {dollars} inside an hour.

This gross sales document appears much more spectacular when you think about that it happened after final 12 months's halving. Bitcoin halving is a four-year cycle course of wherein the BTC rewards are halved per new block generated. This final occurred in May 2020.

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