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- Bitcoin hodlers and miners are continuing to accumulate the coin rather taking profits
- Kraken’s monthly intelligence report concluded that the insights are painting bullish panorama
- Miners and behemoth hodlers are creating a supply shock in the BTC market
Bitcoin has faced tremendous turbulence over the last several months. However, this Uptober, the flagship cryptocurrency’s price recovered and achieved a new all-time high. It is incredible to see how the world began to understand the coin’s true potential and worth. However, Kraken, one of the major digital assets exchanges, has recently shared a monthly intelligence report entitled “Shocktober”. The report noted that major crypto mining operators and hodlers are continuing to amass BTC. Moreover, the report revealed several statistics allude to an uptrend view for upcoming months.
Bitcoin movements paints a bullish panorama
Kraken’s Shocktober report noted that mining operators and bulls continued to amass the flagship cryptocurrency. Following the scenario, and several metrics the report concluded with some bullish views for upcoming months. Notably, cryptocurrency mining pools contributors and small digitals assets miners have taken rewards. The factor seems more prone to sell due to market movements. Hence, the report ultimately observed that the insights are painting a bullish panorama for Bitcoin.
Furthermore, the report also suggested that such miners and hodlers are also actively contributing to the BTC rally this month. Indeed, such miners and behemoth hodlers are creating a supply shock in the BTC market. Such a factor has fueled the short term rally of this month.
Hodlers are not taking profit from recent rally
Kraken’s report observed one benchmark that is known as 1 year revived supply. The metric reflects the movements of crypto coins from long term Bitcoiners. According to the metric, Bitcoiners are not taking profits from the recent Bitcoin price rally. Notably, the metric fell by more than 2.2k BTC, which is noted as the lowest level since last August.
On the other hand, another tool known as Bitcoin Hodl Waves, that sorts the sales by type of hodler, noted that early investors count has surged by more than 10%. Indeed, the factors implies that long term hodlers are still hodling their assets, and did not sold their acquired assets
BTC miners continues to stack digital assets
Kraken’s report also included that the crypto mining scenario is also relevant. According to the investigation done by the crypto exchange, two distinct patterns seem to be occurring. However, even in unfavourable market movements, major mining firms are observed stacking. Such firms include Riot, Marathon, Argo Blockchain, and more.
The aforementioned scenario has been assured with another metric, 0-hope supply. Indeed, the tool makes reference to the addresses that have gained the mining subsidy directly from Coinbase transactions.
