BlocksInform
Data on the chain shows bitcoin minor reserve has shown a strong tip recently, suggesting that minors are currently loading on the crypto.
Data on the chain shows bitcoin miner reserve has shown a sharp spike recently, suggesting that miners are currently loading on the crypto.
as pointed out by an analyst in a cryptoIt appears that the value of the indicator has shown a pronounced upward trend recently | Source: Crypto. post, the btc miner reserve has shown strong uptrend recently. This seems to be a continuation of the accumulation trend of 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 is upward, this means that the stocks of miners increase as they accumulate on more of the part. When the trend in the metric system is upwards, this means that miners' inventories increase as they source more coins.
Such a trend can be upside down for the part price as it shows miners are accumulating BTC. This type of tendency is naturally bearish for the price of crypto as miners usually sell in large It appears that the value of the indicator has shown a pronounced upward trend recently | Source: Crypto.ities.
related reading | why sovereign nation states may begin acquiring bitcoin Related Reading | Why Sovereign States Can Start Acquiring Bitcoin.
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: cryptoIt appears that the value of the indicator has shown a pronounced upward trend recently | Source: Crypto.
as you can see in the above graph, the miner reserve has been gradually moving up since may. A few days ago, when the price of bitcoin dropped to $39k, the metric showed an enormous spike up as the miners bought the drop.
related reading | jack dorsey’s block to democratize bitcoin mining with open source mining system
Related Reading | Block of Jack Dorsey for Democratizing Bitcoin Mining With Open Source Mining System. However, as the price of the BTC has gone up, and their machines have become more advanced and more efficient, miners have started selling less, as this is enough to support electricity and other mining costs.
Miners, who originally have always exerted commercial pressure on the market, have been snooping for years. this can be quite bullish for the price of the coin in the long term.
at the time of writing, bitcoin’s price floats around $42k, down 0.6% in the last seven days. During the last month, cryptography has lost 10% of its value.
The chart below shows the evolution of the price of the BTC in recent 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.
