Today the cat didn’t drag any chart in – said there was nothing fresh that would make his whiskers tingle.
So there is a bit older, but still relevant chart showing you how big money that lives of BTC is approaching the market - do miners increase or decrease their BTC holdings. Miners' income comes from the cryptocurrencies they mine, so they put themselves in danger by not selling them, while incurring the cost of running their business. There is only one explanation for them to put selling on hold – they expect a big price increase.
This chart comes from Glassnode.com, if you somehow missed a huge watermark in the middle :)
Last time the miners showed this strong conviction towards the future price, BTC was trading for around $16k.
Last time the miners showed any clear interest in increasing their positions was early December 2020 - as visible on the chart.
As long as guys that put millions of $ in the hardware upfront (inflating GPU prices for gamers… hissss…) feel OK holding back their finger on the big red sell button, I feel pretty comfortable not pressing mine. It’s hard to interpret this data as anything other than very bullish.
All tips go to cat treats and catnip :)