Bitcoin Miners Show Strong Accumulation As Their Inventories Spike Up
14 Janvier 2022 - 08:00PM
NEWSBTC
On-chain data shows Bitcoin miner reserve has showed a sharp spike
recently, suggesting that miners are currently loading up on the
crypto. Bitcoin Miner Reserve Shoots Up; Trend Of Accumulation From
Last Year Continues As pointed out by an analyst in a CryptoQuant
post, the BTC miner reserve has shown strong uptrend recently. This
seems to be a continuation of the accumulation trend from the last
year. The “miner reserve” is an indicator that tells us the total
amount of Bitcoin currently stored in the wallets of miners. When
the trend in the metric is towards up, it means miner inventories
are growing as they stock up on more of the coin. Such a trend can
be bullish for the price of the coin as it shows miners are
currently accumulating BTC. On the other hand, a downtrend in the
indicator implies miners have started to dump their Bitcoin. This
kind of trend is naturally bearish for the price of the crypto as
miners usually sell in big amounts. Related Reading | Why
Sovereign Nation States May Begin Acquiring Bitcoin In 2022 Now,
here is a chart that shows the trend in the BTC miner reserve over
the past couple of years: Looks like the value of the indicator has
showed sharp uptrend recently | Source: CryptoQuant As you can see
in the above graph, the miner reserve has been gradually moving up
since May. A few days back, when the price of Bitcoin dropped down
to $39k, the metric showed a huge spike up as miners bought the
dip. Related Reading | Jack Dorsey’s Block To Democratize
Bitcoin Mining With Open Source Mining System Miners have
traditionally been big sellers in the market as they have had to
sell some of what they mine to keep their operations running.
However, as BTC’s price has risen, and their machines have gotten
more advanced and efficient, miners have started selling lesser as
it’s enough to sustain electricity and other mining costs. Miners,
who have originally always brought selling pressure to the market,
have been shifting towards becoming hodlers for a coupe of years
now. This can be quite bullish for the price of the coin in the
long term. BTC Price At the time of writing, Bitcoin’s price floats
around $42k, down 0.6% in the last seven days. Over the past month,
the crypto has lost 10% in value. The below chart shows the trend
in the price of BTC over the last few days. BTC's price plunges
down after breaking above $44k | Source: BTCUSD on TradingView BTC
managed to reach as high as $44.4k in its recent move up, but today
the crypto has once again come back down, erasing the gains of the
past couple of days. Featured image from Unsplash.com, charts from
TraadingView.com, CryptoQuant.com
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