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Miners are accumulating bitcoin again as their net position change reaches levels not seen since mid-2018.

The change of miner behaviour is more notable this time around given that coin issuance was higher before the halving event in May 2020. The change might also reflect an emerging dynamic which reflects increasing market maturity and the increased options for miners (with relatively larger operations compared to prior years) to finance their operation without placing sell-pressure on the market.

This could be done via collateralised loans and various financial instruments in a highly liquid environment.


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Since the crash in March 2020, miners focused most of their efforts on accumulating bitcoin (green), with interspersed periods of distribution (red) along the way.

Conversely, miners spent the first two months of 2021 distributing coins, but this behaviour flipped in April where miners began aggressively ‘buying the dip’, surpassing levels not seen in three years.

Notably, the change in behaviour comes as bitcoin cools off and positive market sentiment collapses to yearly lows.


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