On-Chain Data Shows Bitcoin Miners Hold Off On Selling Despite BTC Rallying Above $57k

According to on-chain data, Bitcoin miners seem to be holding off on selling BTC despite the recent rally where the coin has crossed $57k. Bitcoin Miner Reserves Continue To Move Sideways As pointed out by a CryptoQuant post, BTC miner reserves continue to trend sideways amid the coin’s strong move up. The “miner reserve” is a indicator that shows the total amount of Bitcoin that miners are currently holding in their wallets. An increase in the metric’s value suggests miners think the coin’s value will go up in the near future, hence they are stocking up on it. While a decrease would mean they are taking their profits as they expect a correction or bear market in the future. Related Reading | Why A Parabolic Move Is Expected For Bitcoin, Billionaire Mike Novogratz Here is a chart showing the trend in the value of this indicator versus the BTC price over the last year: The BTC miner reserve seems to be treading sideways | Source: CryptoQuant As the above graph shows, the indicator’s value has been moving rather sideways recently, despite the sharp move up in Bitcoin’s price. Generally, such a move implies miners are either neutral or bullish about the crypto. Many of them are still taking out some coins, while others are adding back in similar amounts. This is why the reserve is looking very balanced at the moment. Related Reading | Why The $1 Trillion Coin Is Another Rea...