Mining operators and holders keep accumulating Bitcoin, according to the latest Kraken intelligence report, titled “Shocktober.” In the report, several metrics allude to a bullish view for the months to come.
A new report issued by the intelligence division of the U.S.-based exchange Kraken suggests that mining operators and long-time holders are actively contributing to bitcoin’s rally this month.
According to a metric called the 1-year revived supply, which reflects the movements of coins from long-term bitcoin holders, these investors are not taking profits from this rally.
Also, another metric, BTC Hodl Waves, which divides bitcoin sales by type of holder, found out that early investors of “old coins” rose by 10.9%.
This is evidenced by another metric, the 0-hop supply, that makes reference to the addresses that receive the mining subsidy directly from coinbase transactions.
This metric has risen almost 50% since September, with the big mining firms, now located mostly in America, holding more than 20.4K bitcoin that are unlikely to be sold into the market anytime soon.
The 1-hop supply, an indicator that attempts to track the movements of small miners and contributors that get paid as part of a mining pool, shows these miners have unloaded some of their profits.
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