Bullish Miners Accumulated The Most Ethereum Since 2016

Ethereum ETH/USD miners have hoarded more coins than ever before, as their bullish sentiment prevents them from selling them.

See Also: IS ETHEREUM A GOOD INVESTMENT? 

What Happened: According to a Tuesday tweet by cryptocurrency data firm Santiment, the miner balance reached 532,750 ETH, which "is the largest balance held by miners since July 13, 2016." This is equivalent to about 0.45% of the coin's total circulating supply of 117.8 million ETH.

In most cases, miners sell cryptocurrency regularly to cover operating expenses such as electricity and hardware cost. Miners holding the crypto suggests a high level of confidence that further price increases will follow.

Ethereum bulls were significantly spurred after the network started burning thousands of coins each day after early August's London network software upgrade. Following the protocol update, Ethereum took a road that many expect will make it deflationary in the long term, painting a quite bright picture when trying to estimate its potential as a long-term investment.

See Also: BITCOIN VS ETHEREUM