The most recent report from blockchain information investigation firm, Glassnode, shows that Bitcoin and Ether addresses with atleast 0.1 BTC or ETH is at an unequaled high.
This is the first run through addresses with over 0.1 BTC have crossed the 3-million imprint, demonstrating proceeded with publicity which has seen BTC wallets putting away at least 0.1 coins develop since February 2020.
ETH addresses holding atleast 0.1ETH have likewise been rising consistently which has kept on putting Ether as extraordinary compared to other performing cryptos in 2020.
The following are the numbers as of June thirteenth, 2020:
- Bitcoin Addresses with atleast 0.1 BTC – 3,054,282 wallets
- Ether Addresses with atleast 0.1 ETH – 2,984,080 wallets
Since the May 2020 Bitcoin halving, bitcoins flowing from miners to exchanges has reached a 1-year low with a lot of miners preferring to hodl rather than sell, possibly waiting for the prices to rise before realizing their profits.
While this might ordinarily appear to indicate bullish sentiment, it is still not clear if it has contributed to the rise in hodling accounts. Whatever the reason however, the next meaningful price spike will likely trigger a sell-off by miners in order to recover their running costs.
Overall, the fact that miners are choosing to hold rather than sell BTC at current prices implies that mining is not widely financially viable at this price, suggesting that a sustained price increase (or increase in fees) is required in order to keep mining sustainable and break the potential cycle of miners hodling->selling->hodling.