Data Reveals Miner BTC Holdings Are At A Two-Year High

On-chain metrics from analytics firm Glassnode reveal that mining pools' aggregate bitcoin reserves have reached levels unseen since 2018. The sector currently secures approximately 1.9 million coins, having grown steadily from September 2019 even as prices collapsed in March 2020. While aggregate reserves contracted during June, the most recent quarter has witnessed resumed accumulation of freshly-generated supply.

This miner confidence aligns with conviction across the broader holder community. Data indicates that roughly 44% of all bitcoin has remained dormant for two years—representing some 8 million coins stashed away from when the price peaked near $20,000. A separate 14% sits locked in addresses holding 500,000 coins or more. Accumulation wallets, characterized by multiple significant inbound transfers with no outgoing activity, presently contain approximately 2.6 million bitcoin. The expansion in such addresses points to sustained confidence and hints at potential record prices in 2021 if historical cycles repeat.

On the price front, movement between $11,800 and $11,100 demonstrated continued selling pressure when the leading asset attempted to reclaim the $12,000 threshold. Despite a Thursday advance toward $11,600, buyers couldn't sustain the momentum, leaving the pair to retreat toward $11,250. Current quotations hover near $11,415, with recent trading spanning from $11,250 to $11,600. The imminent expiration of 62,000 bitcoin options contracts may introduce additional volatility as traders position for weekend movements near the $11,800 mark. Support around $11,100 remains critical—a breakdown could spark movement toward the $10,500 level that has historically proven stubborn.