Bitcoin (BTC) miners now own more BTC than at any point in history as the impact of the chaos of the past months eases.
According to data from online chain analysis company CryptoQuant, the BTC holdings of miners increased significantly in July.
In the latest sign that miners are recovering from the recent price weakness, the amount of BTC in their wallets has hit an all-time high.
As noted by CryptoQuant analyst Jan Wuestenfeld, the total combined balance of miners is 1,865,272 BTC as of July 29. The beginning of August saw a slight drop, with the total calculated as of August 3 is 1,864,842 BTC.
From July 6, when reserves hit a local low and a record July 29, miners’ wallet balances increased by 0.37%, or 6,885 BTC.
“Bitcoin in mining portfolios is at a new record high.”
Wuestenfeld mentioned miners’ struggles as BTC dropped to its lowest level since late 2020, then recovered around 38% from $17,600.
Miner problems have been seen in the network fundamentals, with both hash rate and difficulty falling to reflect declining miner participation.
Other indicators also point to miners’ light at the end of the tunnel. Last week, data suggested that miners’ surrender phase may be over.
According to CryptoQuant, since the sell-off events in June, miners have only sent a maximum of 927 BTC to exchanges in a single day.
On August 2, the latest date for which data is available, the flow of coins from miners to the exchange was only 359 BTC.
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