Bitcoin miners unspent supply approaches the peak

Bitcoin miners are keeping their BTC despite the crypto market’s prolonged bear, with the OG BTC hovering around the $46k level. According to the most recent data from Glassnode, Bitcoin miners’ unspent supply is only 500 BTC behind the All-Time High (ATH).

These BTC units are given to miners as a reward for solving a block. The miners, on the other hand, have never spent these rewarded Bitcoins on-chain. While the entire market prepares to sell at the first sign of a price increase, BTC miners may have other intentions.

#Bitcoin miner unspent supply is currently sitting just 500 $BTC below ATH.

These coins are issued to miners as a reward for solving a block, but have never been spent onchain.

Miners started HODLing significantly more $BTC since March 2020.

Live Chart: https://t.co/D2jZTD0O52 pic.twitter.com/vJy1G41Xvf

— glassnode (@glassnode) December 20, 2021

The worldwide crypto market cap is currently at $2.14 trillion, down 2.95% from the previous day, with total crypto market volume at $79 billion, up 1.64 percent in the last 24 hours. When the bulls showed tiny indications of recovery, Bitcoin, the crypto market’s kingpin, posted a falling pattern. BTC is priced slightly above $46,000 at the time of publishing, down over 5.6% in the last seven days and with a market dominance of 40.67%.

Bitcoin crash or investment opportunity?

Bitcoin is expected to drop as low as $40k, according to cryptocurrency experts and long-term investors. Last week, Jesse Powell, Kraken’s chief adviser, predicted that as the US dollar plummets, BTC will fall as well in the following year. He also claimed in October that a BTC crackdown might follow in the coming months. 

Furthermore, TheCoinRise reported on Robert Kiyosaki, the author of “Rich Dad, Poor Dad,” predicting the worst oncoming fall for Bitcoin and the stock market. He observed that “False Inflation” will cause the crash but recommended the community to consider it an investment opportunity because the market will turn green after the “fake inflation” collapses.

Market experts, including Raoul Pal, speculate on an extension of this bull run due to several factors.