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HODLing their Bitcoin plays out well for miners, in the long run
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Bitcoin miners’ behavior is not as unpredictable as compared to other HODLers. As the month of October has come to an end, it is important to see if they played an important role in the rally that Bitcoin witnessed this month. Surprisingly the observations revealed how much miners affected the price movement and how they would continue to do so ahead.
Amid rising prices, the miners’ movement brought forth an interesting pattern which contributed to Bitcoin’s rally this month.
According to a report from Kraken, Bitcoin miners’ HODLing behavior over the month created a supply shock in the market. And with the market being in a position of strength due to the supply shock led to a price rise.
However, not all miner cohorts have been HODLing. If
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