Crypto-Follow logo Crypto-Follow logo
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...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer