On-chain data shows that Bitcoin miners have continued to sell recently, something that could be bearish for the cryptocurrency’s price.
Bitcoin Miners Have Been Shedding Their Reserves Recently
As pointed out by an analyst in a CryptoQuant post, there has been some intense pressure from miners in recent days. The relevant indicator here is the “miner reserve,” which measures the total amount of Bitcoin that’s currently sitting in the wallets of all miners.
When the value of this metric goes up, it means the miners are depositing a net amount of coins into their addresses right now. Such a trend can be a sign that these chain validators are accumulating currently, and hence, can have bullish consequences for the asset’s value.
On the other hand, the indicator’s value going down implies that these investors are transferring some BTC out of their wallets at the moment. As the miners generally only withdraw their coins whenever they want to sell them, this kind of trend can be
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