On-Chain Data Reveals Bitcoin Miners are Accumulating BTC
According to the latest on-chain data, which is collected regarding Bitcoin mining, it shows that miners are actively accumulating Bitcoin at the moment, which hints at strong market mobility and acceleration moving forward into the future. It is a regular event that is known as Bitcoin halving, and it takes place every four years where the miner revenue is decreased by half. A very recent such event took place in May 2020. And the data from that specific event shows that the total revenue lingers between 950 and 1050 BTC, but it did experience a fall sharply during the market drop which occurred in July.
But moving forward, this got corrected by the most elegant difficulty adjustment in crypto history. At the moment, the total miner revenue is approximately 880 bitcoins which is the same level as it was in the November of last year. This was before how fast acceleration of the upward move took place, ultimately getting Bitcoin to an all-time high in April.
According to the latest image posted on Twitter, the very accounts which belong to miners are consistently accumulating Bitcoin once again. It is a known fact that the accumulation initiated by miners usually takes place at the beginning of long-term bullish trends. That is why the very fact that these accounts are accumulating at the moment shows that a bullish market might accompany Bitcoin in the near future. The Puell multiple is another indicator that can be developed by dividing the total value of all minting coins by an early moving average.
The values that are between 4 and 10 usually mean that the market cycle has topped, whereas the values between 0 and 0.5 depict that market is in a strong negative sentiment across the board. At the moment, this indicator is showing a strong value of 1.26 which means that Bitcoin is in the middle of bullish trends. This generally means that there is more room to grow for Bitcoin, and it might eventually reach a new all-time high or grow consistently as the market moves forward.