- BTC miners are accumulating every 48 days. The interesting indicator here is the “miner reserve,” which measures the total amount of Bitcoin currently held in miners’ wallets.
- The Bitcoin miner reserve saw a significant increase in May, but this group started selling after the price struggled following the increase.
- In the past few weeks, this horizontal trend has slowly turned into an upward trend, and miners have been gradually expanding their reserves.
Recently, it is observed that Bitcoin miners are in an accumulation trend; does this mean a new bullish rally for the Bitcoin price?
BTC Miner Reserve Increasing Trend
As stated in a CryptoQuant analysis, BTC miners are accumulating every 48 days. The interesting indicator here is the “miner reserve,” which measures the total amount of Bitcoin currently held in miners’ wallets.
When the value of this metric decreases, it means that miners are currently withdrawing coins from their wallets. Typically, these chain validators only withdraw coins from their reserves when they want to sell, so this type of trend may indicate a decrease in price.
On the other hand, when the value increases, it means that miners are adding a net amount of BTC to their wallets. This type of trend could be a sign that these investors are currently accumulating, and therefore, it could be a positive sign for the cryptocurrency.
A chart showing the trend in Bitcoin miner reserves in the past few months:
As seen in the above chart, the Bitcoin miner reserve saw a significant increase in May, but this group started selling after the price struggled following the increase.
However, after the rally in June, the indicator value stabilized, indicating that these investors are selling only as much as they add to their holdings.
Over 4,000 BTC Added to Reserves in 48 Days
In the past few weeks, this horizontal trend has slowly turned into an upward trend, and miners have been gradually expanding their reserves. In the last 48 days, these chain validators have added approximately 4,060 BTC to their reserves.
This amount is worth approximately $118 million at the current exchange rate. While it may not be a significant amount considering the scale of the total miner reserve, it is a positive sign that miners are accumulating despite the recent decline in the cryptocurrency’s price.
A notable portion of this recent accumulation by miners comes from a mining pool, AntPool, as shown in the chart below:
In the last 52 days, the AntPool Bitcoin mining pool has added a total of approximately 1,020 BTC to its reserves, representing over 25% of the total accumulation during this period.
In addition, reserve flow data (along with regular outflows/inflows) for this mining pool has also been included. There were concerns in the market that these miners may have been selling when depositing their coins into exchanges, but it turned out that they were simply transferring their funds between these platforms.
