Bitcoin Miners Keep Selling, but Prices Stay Steady
According to data from an on-chain extractor, Bitcoin miners have been selling in the past couple of weeks. What's interesting, though, is that BTC's price hasn't shown signs of suffering a correction.
Recent data from Bitcoin miners indicates that they have been selling a lot, but the price of the cryptocurrency has stayed steady.
Bitcoin Miner Reserve has lost 10k BTC in the last two weeks as miners sell.
In a CryptoQuant
The "miner reserve" is a measurement of the total number of Bitcoin that's held in mining wallets.
When this metric's value 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.
On the other hand, if the value of the reserve is rising, it can be an indication that miners are accumulating as their wallets fill up. If this trend continues for a long period of time, it could be bullish for BTC.
This chart shows the change in the Bitcoin miner reserve over the last year and a half:
As you can see in the graph above, the Bitcoin miner reserve reached a peak on 17th June. Since then, the metric has been falling sharply in recent weeks.
A large number of coins have left miner wallets during this period. The total withdrawal has been estimated at about 10k BTC.
The price of Bitcoin has mostly stayed the same since miners began selling off their holdings. This could mean that there is enough buying in the market to offset this selling by miners.
The analyst in the article believes that the price holding through this dump and other recent negative news like multiple lending platforms approaching bankruptcy, can be a sign that the bottom may have been reached.
The price of Bitcoin is $
As of writing, Bitcoin's price is around $20.4k, up 7% in the last seven days. Over the past month, the crypto has lost 37% in value.
The following chart shows the trend in the price of the coin over the last five days.
After hovering around the $19k mark for some time, Bitcoin finally seems to have found a solid footing above $20k during the past few days.