Kraken: “miners continue to accumulate bitcoins” – Bits Media

Analysts at the Kraken cryptocurrency exchange note, that most of the miners, as large, and small ones, almost stopped selling mined bitcoins, which led to a shortage of coins on the market.

Kraken researchers call October "Shoctober", because miners continue to accumulate the first cryptocurrency, and the market is in a state of shock. Due to the lack of BTC on the market, analysts predict continued rapid growth of the cryptocurrency market.

“Long-term investors did not react to the depreciation in September or the increase in October - they continue to accumulate. At the same time, the share of coins decreases, who moved between wallets over a six-month period. Now it is 11.8%, something that hasn't happened since November 2018 of the year, when bitcoin was trading at $5 700», – emphasize Kraken analysts.

Number of coins, which have not moved at all since mining, since the beginning of September has increased by 50%. Currently, the wallets of large North American miners contain 20 400 BTC ($1.25 billion at current exchange rate). Small miners sell some of the mined coins, but they are also trying to accumulate bitcoins.

Note, that at the moment the mining industry has recovered from the bans on cryptocurrency mining in China - the hashrate of the Bitcoin network has returned to the levels of spring of this year.