Miners of Bitcoin are hoarding their coins as they await higher prices, as the number of miner-exchange direct transfers nosedived close to 40% since the middle of last month.

According to data from on-chain analytics provider Glassnode, there has been a rise in miners’ Bitcoin balances since the end of March. This followed robust outflows in January and ongoing reduced selling in February and earlier in March.

Rafael Schultze-Kraft, CTO of Glassnode, makes reference to a number of metrics showing recent miner accumulation. This takes into account unspent Bitcoin supply, flows from miner addresses and miner position net change, reports Cointelegraph.

The Glassnode data has started to increase following a steep decline in January, when 15,000 previously dormant coins moved from mining addresses for the first time.

Approximately 5,000 newly minted Bitcoin have been added to the cryptocurrency’s unspent supply since February, bringing the total up to 1.765 million BTC.

In addition, direct transfers from miner wallets to exchanges have also fallen significantly over the past few weeks, dropping from a 30-day moving average of close to 450 Bitcoin in the middle of last month to 275 at the time of writing.

Schultze-Kraft defined Bitcoin mining as showing “great fundamentals,” making reference to a new record daily hash rate of 178 exahashes per second on Tuesday.

Moreover, the CTO highlighted data showing a 300% rise in miner revenues in around a year, reaching new record highs over the $50 million mark to sit at a seven-day moving average of close to $60 million.

“Miners have little to no incentives to be cashing out right now,” he said, going on to add that “selling or capitulation [is] not in sight.”