Ethereum miners are reluctant to sell their assets and appear to expect further price increases.

The balance held by Ethereum miners is the largest it has been since shortly after the network was launched five years ago. When converted into USD, it is at a historic peak of $1.85 billion, according to data provided by analytics platform Santiment.

The firm stated that the 532,750 ETH is the largest balance held by miners since July 13, 2016. The amount equates to around 0.45% of the total circulating supply of Ethereum which is currently 117.8 million ETH.

The amount of Ethereum that is being held by miners has reached record levels in U.S. dollar terms as they remain reluctant to sell.

Miners usually sell the asset regularly to cover expenses which include electricity and hardware costs. A reluctance to sell suggests that miners could be holding out for further price increases.

Further adding to the supply squeeze, a large percentage has also been staked on the Eth2 Beacon Chain contract. Around 6.7% or 7.9 million ETH has been locked for staking according to the Eth2 explorer. At current prices of around $3,577, this equates to roughly $28 billion worth.