Bitcoin Miner Reserve Has Been Trending Up Recently
As pointed out by an analyst in a CryptoQuant , BTC miners have been accumulating during the past 48 days. The indicator of interest here is the “miner reserve,” which measures the total amount of Bitcoin that all miners are holding in their wallets right now.
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The value of the metric has been steadily going up in recent days | Source:As shown in the above graph, the Bitcoin miner reserve had observed a large rise back in May, but soon after this increase, this cohort started selling as the asset’s price continued to show struggle. After the rally had taken place in June, however, the indicator’s value had stabilized, meaning that these investors were selling the same amount as they were adding to their holdings.
A notable portion of this latest accumulation by the miners has come from one mining pool, AntPool, as the below chart displays.
Looks like miners belonging to this pool have been accumulating | Source:In the past 52 days, the AntPool Bitcoin mining pool has added a total of about 1,020 BTC to their reserves, which is more than 25% of the total accumulation that all the miners have participated in during this period.
The quant has also attached the data for the exchange flows (as well the normal outflows/inflow) for this mining pool. Earlier, there was some concern around the market that these miners may have been selling as they were depositing to exchanges, but as it turned out, this cohort was merely transferring their coins back and forth from these platforms.
BTC Price
At the time of writing, Bitcoin is trading around $29,100, up 1% in the last week.BTC has been moving sideways recently | Source: