On-chain data shows that Bitcoin miners have turned to selling recently, a sign that the asset’s price could be bearish.
Bitcoin Miner Reserve Has Been On The Decline Recently
As analyst James V. Straten explained in a post on X, the miners had accumulated for most of the year before this latest selloff. The indicator of interest here is the “miner balance,” which keeps track of the total amount of Bitcoin the miners are carrying in their wallets.
When the value of this metric goes up, it means that the miners are currently receiving a net number of coins to their addresses. Such a trend is usually a sign that these chain validators are accumulating, which can naturally be bullish for the asset’s price.
On the other hand, the indicator declining implies the miners are taking BTC out of their wallets. Miners make transfers like these when they want to sell, so the market could see selling pressure with the onset of this trend.
Now, here is a chart that shows the trend in the Bi
We współpracy z: https://bitcoinist.com/bitcoin-miners-switch-to-selling-rally-ends-here/
