Glassnode reports that while January was characterized by heavy selling from miners, the rate of selling has dropped significantly in February.
Miners and longer-term investors are the primary sellers of Bitcoin during bull markets. But since miners are refusing to sell, the only logical conclusion is that longer-term investors are responsible for a large percentage of the coins being sold.
Declining miner outflows is not a bad thing in this case. Glassnode considers it a bullish sign. The firm wrote:
But despite the profit-taking from longer-term investors, Bitcoin has continued to record gains. As of press time, the digital asset was trading at $48,500 after attempting to break the $50,000 benchmark severally.
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Source: Cryptocurrency - investing.com
