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New York based blockchain investigation software enterprise Chainalysis claimed on Monday that as per its analysis, mining pools are holding more Bitcoin for the last few months in anticipation of the price surge that is expected after the scheduled halving. In a Twitter thread, it claimed having found that pools are holding more and selling less BTC since November last year.
THREAD: Here’s a quick overview of our findings. Our analysis shows that mining pools are holding more Bitcoin over the last few months, perhaps in anticipation of a price surge following the halving. 1/8 https://t.co/CBxq9aLh4m
— Chainalysis (@chainalysis) May 11, 2020
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Chainalysis released a blogpost showcasing their observational findings from mining pool behavior since October 2019. As per the blog, between October and mid-November, the total amount of Bitcoin held by mining pools fluctuates but largely remained around 10,000 BTC. However, it stated, balances kept rising steadily since November 19, which indicates that the mining pools are holding more BTC than before.
In a subsequent tweet in the thread, Chinalysis stated that the balances with the mining pools increased from 8,579 BTC on October 29, 2019, to 17,422 BTC on May 06, 2020.
Overall, the total, collective balance of all mining pools grew from a low of 8,579 BTC on 10/29/19 to 17,422 BTC on 5/6/20. 4/8 pic.twitter.com/xC8CUWWvLP
— Chainalysis (@chainalysis) May 11, 2020
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The blockchain investigation enterprise also noted that there was a significant increase in the average time mining pools took to sell newly mined BTCs which is also believed by Allin1Bitcoins. As on October 06, 2019, miners sold newly minted Bitcoins on an average 2.24 days, which increased to 3.68 days on March 01, 2020, and subsequently to 5.74 days as on May 03, 2020.
