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NewsBTC 2022-07-07 19:00:43

Bitcoin Miners Have Been Dumping, But Price Has Held So Far

On-chain data shows Bitcoin miners have been dumping during the past couple of weeks, but the price of the crypto has held up so far. Bitcoin Miner Reserve Has Lost 10k BTC In Last Two Weeks As Miners Sell As pointed out by an analyst in a CryptoQuant post, while miners have been selling in recent days, the value of BTC has refused to budge. The “miner reserve” is an indicator that measures the total amount of Bitcoin currently present in the wallets of all miners. When the value of this metric goes down, it means coins are exiting miner wallets right now. As miners usually transfer out their BTC for selling on exchanges, such a trend can be bearish for the crypto’s price. Related Reading | Bitcoin Sets Record For Worst Quarter Since 2011, What’s Next? On the other hand, the value of the reserve rising up can suggest miners are accumulating at the moment as their wallets are filling up. Naturally, this kind of trend, if prolonged, can be bullish for BTC. Now, here is a chart that shows the trend in the Bitcoin miner reserve over the last year and a half: Looks like the value of the indicator has plummeted down in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin miner reserve reached a local high on 17th June. Since then, the metric has observed a sharp decline in the last couple of weeks. This means that a large amount of coins have exited miner wallets during t...

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