First Mover: Bitcoin’s Hot Again and Crypto Miners Are Hoarding – Or Are They?

Bitcoin is rallying again, and some analysts are looking at a potential driver of even higher prices: new data showing that mining pools are hanging onto the cryptocurrency rather than sending it to exchanges for a quick sale.

But as with a lot of bitcoin analysis, the interpretation isn’t always clear-cut; the data might be seen differently as a sign of a weak market.

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Charts provided by the Korean analytics firm CryptoQuant show a slowdown in outflows from cryptocurrency mining pools, which essentially aggregate computing power to increase their collective chance of getting more bitcoin.

The Beijing-based F2Pool, for example, which currently…