Ethereum (ETH) miners are hoarding large amounts of Ether, according to a new report from Our Network, a weekly newsletter published by crypto data tracker Santiment.
The report indicates that an ETH accumulation record is at hand.
“Miners’ ETH holdings [are] poised to breach all-time-high. Across the entire Ethereum miner ecosystem, the last three months were marked by stable and undisrupted accumulation…
Barring major market volatility this time around, we’re likely to breach this [accumulation] milestone within the next few days.”
The cumulative balance of all Ether mining pools is presently close to an all-time-high of 1.69 million ETH, an amount valued at around $300 million at current prices, the report reveals. The last time Ethereum miners were holding this much Ether was October of 2019, just before the cryptocurrency’s dip below $170 led some to sell their holdings.
The accumulation period for ETH suggests miners have an increasing amount of confidence in the future of the second-largest cryptocurrrency.