The latest data from Glassnode shows that Bitcoin miners are still reluctant to sell their coins amid a downward trend in the market. Miners currently hold 1.778 million BTC, a figure just 500 BTC away from 2020 high.
Data shows that Bitcoin miners have been collecting Bitcoin since March of last year. A massive sell-off followed in early 2021 before coin collecting started again in January.
If there is another massive sell-off in early 2022, the BTC price could fluctuate very strongly. This could go on until the BTC in circulation become fewer again. At the beginning of 2022, it is also expected that the BTC price will experience a renewed upswing.
Meanwhile, other data from BitInfo Charts shows that mining revenues have declined since mid-October this year. Currently, mining revenues stand at $0.235 per TH/s per day, down more than 52% from $0.49 per TH/s per day on November 9. This could be because the hash rate is back to the same level as before the China shutdown.