Bitcoin (BTC) miners unspent supply nears ATH

By Sunil Sharma
December 20, 2021 Updated December 20, 2021
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Flickr: Marco Verch

Despite crypto market’s ongoing bear, with its OG Bitcoin floating in the $46k bracket, Bitcoin miners have continued to keep their BTC. According to Glassnode’s latest data, Bitcoin miner’s unspent supply is only 500 BTC lower than the All-Time-High (ATH).

Miners acquire these coins as reward for solving a block. However, these rewarded Bitcoins have never been spent on-chain by the miners. While the rest on the market is looking to sell at the first sight of a hike, Bitcoin miners may have other plans. 

 

The global crypto market cap is currently standing at $2.17T, with a 2.55 percent drop over the last day, along with the total crypto market volume reaching $79.80B, i.e., a 1.84 percent increase in past 24 hours. The crypto market’s kingpin, Bitcoin has displayed a downward chart every time the bulls showed minor signs of recovery. At the time of reporting, Bitcoin was trading slightly above $46k with over 5 percent drop in past week, and a decreased market dominance of 40.53 percent. 

Another Bitcoin crash or an investment opportunity?

Crypto experts and long-term investors are expecting Bitcoin to go as low as $40k. Last week, Kraken’s chief adviser, Jesse Powell claimed that amid the crash of the US dollar, Bitcoin will also witness a steep fall in the coming year. In an interview with Bloomberg, he asserted that the green bill could go to zero, while Bitcoin could also go below $40,000. However, while recommending to take on excess U.S. dollar debt given negative interest rates, Powell urged the investors to take advantage of the Bitcoin dip and accumulate as much as possible.

Furthermore, recently CoinGape reported on the ‘Rich Dad Poor Dad’ author, Robert Kiyosaki’s prediction about the biggest upcoming crash for Bitcoin and stock market. He noted that “Fake Inflation” will trigger the crash, but he advised the community to treat it as an investment opportunity, given the market will turn green again as soon as the “fake inflation crashes”.

“FED & Biden pushing FAKE INFLATION. Crash and Depression coming. Gold, silver, Bitcoin, real estate will crash too. Ready to buy more gold, silver, Bitcoin, real estate after crash has crashed. Time to get richer after fake inflation crashes. Be aware. Take care.”, tweeted Kiyosaki.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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