With an increased hashrate share now concentrated in the US, roughly 900 new Bitcoin are now mined daily, or about $42 million worth at current prices. But according to miner balance data and trends, mining operations are holding massive amounts of Bitcoins, and no large-scale selling has recently been reported.

In fact, no large-scale selling has been seen for quite a while now.

According to Bitcoin Magazine, “…on-chain data shows zero-hop addresses holding a total of 1,799,590 BTC…

Zero-hop balances have seen an aggregate balance increase of roughly 1% over the past 12 months.”

Zero-hop addresses are those who’ve been directly sent the mining rewards and transaction fees, the miners.

What could it mean when miners are holding, rather than selling Bitcoin?

Well, the lack of asset sales, including cryptocurrencies, could be a clear sign of bullish price growth.

Conversely, selling off assets could indicate a bearish market forecast.

Miners, they’re holding Bitcoin and are continuing to accumulate it. It seems the Bitcoin mining industry fully expects the value of Bitcoin to rise, and (outside of selling for operational expenses) the industry as a whole may be holding for a while.

However, Bitcoin miners aren’t alone in their bullish expectations.

There are a number of experts in cryptocurrencies, including major multi-national banks, who firmly believe Bitcoin could be highly undervalued.

Jirrien Timmer, a director at Fidelity Investments thinks Bitcoin could hit $100,000 by next year. That would be a doubling from current levels.

JP Morgan, with nearly $4 trillion in assets, thinks Bitcoin could hit $73,000 in the short-term, and $146,000 in the longer term.

And last April, Bloomberg financial news service put a massive $400,000 target for 2022.

With forecasts like these, it makes complete sense to see miners holding an asset they believe could be worth far more in the coming months and years than it is today.

Is it a coincidence the zero-hop address holdings of Bitcoin have increased since Bloomberg’s $400K prediction?

Read the full story, HERE

Source: https://bitcoinmagazine.com/business/bitcoin-miners-continue-to-hold-their-btc