Miners began to change tactics in July, according to data from Glassnode.
Since about July 5th, hoarding has become the dominant form of mining pool behavior. In June, by contrast, cryptocurrency mining companies listed large amounts of bitcoins on exchanges and then sold them. It was this tactic that provoked the fall in the value of BTC and altcoins.
Analysts believe that the miners started the sale after they faced pressure from the Chinese authorities. Already at the beginning of this month, the trend began to change, and miners first reduced BTC sales, and after July 5 they switched to storing cryptocurrency.
In parallel, the Glassnode team recorded the restoration of the computing power of the bitcoin network. The hash rate began to grow after a record drop in June, now the figure is just over 107,2 exahs per second (EH / s).
Transaction fees are now at their lowest level since December last year. Bitcoin collection fell to $ 3,45 earlier this week (according to BitinfoCharts).
The bitcoin rate on Monday, July 12, is holding around $ 33. Over the past 450 hours, the cryptocurrency capitalization has dropped to $ 24 billion.