Nikolas Sargeant
Ethereum miners are not selling all their coins
The number of ETH coins with Ethereum miners has been at its highest level since 2016. This latest development comes as Ether miners are reluctant to sell the leading altcoin in anticipation of another Bull Run from the broader cryptocurrency market.
Data provided by analytics platform Santiment showed that Ether miners are holding ETH coins at a level not seen since 2016. This was shortly after the cryptocurrency was launched, and ETH was trading at a fraction of its current price.
Embed Tweet: https://twitter.com/santimentfeed/status/1445478262491140096
According to the blockchain analytics firm, the 532,750 ETH is the largest balance held by miners since July 13, 2016. The firm added that the amount is equal to 0.45% of the total circulating supply of Ethereum, which is currently 117.8 million ETH.
This latest development comes at a time when the prices of cryptocurrencies are rallying. Cryptocurrency miners usually sell the asset regularly to cover expenses, including electricity and hardware costs. However, a reluctance to sell indicates that miners could be holding out for further price increases.
Ethereum has been one of the best performing coins in recent months. It is currently trading above $3,600, up by more than 1,000% since the start of the year. It remains the second-largest cryptocurrency by market cap and has a market dominance level of 18%.
Bitcoin has also been rallying over the past few hours and has finally surpassed the $55k resistance level. This could set it up for further gains over the coming hours as the crypto market continues its excellent start to the month. If the current market condition persists, Bitcoin and Ether could rally further in the coming hours and days.
