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NewsBTC 2022-03-07 19:00:28

Data: Bitcoin Miners Are Quietly Accumulating While The Market Bleeds

On-chain data suggests Bitcoin miners have been quietly accumulating while the rest of the market has been bleeding. Bitcoin Miner Reserve Continues To Stay At High Values Despite Struggling Price As explained by an analyst in a CryptoQuant post, BTC miners seem to have continued to accumulate while the price has declined in the past few weeks. The “BTC miner reserve” is an indicator that tells us the total amount of Bitcoin present in the wallets of all miners. When the value of this indicator goes up, it means miners are transferring a net amount of coins to their reserves. Prolonged such trend may be a sign that miners are accumulating right now. On the other hand, a downtrend in the metric suggests miners may be selling at the moment as they are moving some Bitcoin out of their wallets. This trend can be bearish for the price of the crypto. Related Reading | Bitcoin Activity Soars Post SWIFT Ban On Russia, BTC At Do Or Die Spot? Now, here is a chart that shows the trend in the BTC miner reserve over the past year: Looks like the value of the indicator has enjoyed some uptrend recently | Source: CryptoQuant As you can see in the above graph, the miner reserve has been on the rise since the Bitcoin all-time high of $69k was set and the price subsequently started a decline. During this period, miners have added just under 12k BTC to their treasuries, while the price of the crypto has fallen off by around...

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