Commodity News

Bitcoin hodlers have boosted cryptocurrency sales amid Tesla’s investment. This is the result of the research carried out by the analysts of the on-chain analytics provider, Glassnode.

According to on-chain metrics, the ASOL Coin Spent indicator has almost doubled from 30 to 58 days. The higher the indicator scores, the more long-term investors get rid of the cryptocurrency.

Source: glassnode.com

Hodler’s awakening was last seen in December 2020. Recall that then the price of the coin exceeded the $20,000 mark. It is assumed that the current sale is directly related to the growth of the cryptocurrency due to the news about the arrival of the Tesla electric car manufacturer on the crypto market.

Miners do not intend to sell bitcoin

The position of miners has become indicative in the current sale of bitcoin. After the sale of Bitcoin at the end of January (then the price of BTC sank below $30,000), the miners reduced the pressure on the market.

Now they are cutting back on the volume of coins sold and aiming to hold the asset. The decrease in pressure may indicate that the January sale covered all production costs.

Source: glassnode.com

After Tesla announced the purchase of Bitcoin for $1.5 billion, miners are likely to expect another growth, analysts say. However, it remains unknown to what marks the miners will keep their coins.

It is expected that as the coins sell-off by long-term investors, there is space for new retail market entrants. They, as a rule, are the drivers of bullish trends.

Source: glassnode.com

However, it should be noted that it is the sales of long-term investors that lead to serious corrections in the market. At least this was almost always the case in past sales. However, as a rule, such corrections are followed by a strong bullish trend, underline in Glassnode.

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