{"id":546175,"date":"2023-08-08T15:00:05","date_gmt":"2023-08-08T15:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=546175"},"modified":"2024-06-11T08:08:58","modified_gmt":"2024-06-11T08:08:58","slug":"bitcoin-miners-show-accumulation-again-bullish-sign","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-miners-show-accumulation-again-bullish-sign\/","title":{"rendered":"Bitcoin Miners Show Accumulation Again, Bullish Sign?"},"content":{"rendered":"

On-chain data shows that Bitcoin miners have been expanding their reserves recently, a sign that could be bullish for the asset’s price.<\/p>\n

Bitcoin Miner Reserve Has Been Trending Up Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, BTC miners have been accumulating during the past 48 days. The indicator of interest here is the “miner reserve<\/a>,” which measures the total amount of Bitcoin that all miners are holding in their wallets right now.<\/p>\n

Related Reading: These Bitcoin Metrics Are At Important Retests, Will Bullish Trend Prevail?<\/a><\/p>\n

When the value of this metric goes down, it means that the miners are withdrawing coins from their wallets currently. Generally, these chain validators only transfer coins out of their reserve whenever they want to sell them, so this kind of trend can have bearish implications for the price.<\/p>\n

On the other hand, the indicator increasing in value implies the miners are adding a net amount of BTC to their wallets. Such a trend can be a sign that these investors are accumulating at the moment, and hence, can be bullish for the cryptocurrency.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin miner reserve over the last couple of months:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric has been steadily going up in recent days | Source: CryptoQuant<\/a><\/pre>\n
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.<\/p>\n
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.<\/p>\n
In the last few weeks, this sideways trend has slowly turned into an uptrend, as the miners have been gradually expanding their reserves. In the past 48 days, these chain validators have added a total of around 4,060 BTC to their holdings.<\/p>\n
This amount is worth around $118 million at the current exchange rate, which isn’t a ton given the scale of the total miner reserve, but it’s still nonetheless a positive sign that the miners have been accumulating despite the cryptocurrency’s price observing some decline recently.<\/p>\n
A notable portion of this latest accumulation by the miners has come from one mining pool<\/a>, AntPool, as the below chart displays.<\/p>\n
\"Bitcoin<\/p>\n
Looks like miners belonging to this pool have been accumulating | Source: CryptoQuant<\/a><\/pre>\n
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.<\/p>\n
Related Reading: Shiba Inu Sees 10% Pullback, But Here\u2019s Why Rally Can Still Continue<\/a><\/div>\n
The quant has also attached the data for the exchange flows<\/a> (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.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $29,100, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has been moving sideways recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that Bitcoin miners have been expanding their reserves recently, a sign that could be bullish for the asset’s price. Bitcoin Miner Reserve Has Been Trending Up Recently As pointed out by an analyst in a CryptoQuant post, 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. Related Reading: These Bitcoin Metrics Are At Important Retests, Will Bullish Trend Prevail? When the value of this metric goes down, it means that the miners are withdrawing coins from their wallets currently. Generally, these chain validators only transfer coins out of their reserve whenever they want to sell them, so this kind of trend can have bearish implications for the price. On the other hand, the indicator increasing in value implies the miners are adding a net amount of BTC to their wallets. Such a trend can be a sign that these investors are accumulating at the moment, and hence, can be bullish for the cryptocurrency. Now, here is a chart that shows the trend in the Bitcoin miner reserve over the last couple of months: The value of the metric has been steadily going up in recent days | Source: CryptoQuant 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. In the last few weeks, this sideways trend has slowly turned into an uptrend, as the miners have been gradually expanding their reserves. In the past 48 days, these chain validators have added a total of around 4,060 BTC to their holdings. This amount is worth around $118 million at the current exchange rate, which isn’t a ton given the scale of the total miner reserve, but it’s still nonetheless a positive sign that the miners have been accumulating despite the cryptocurrency’s price observing some decline recently. 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: CryptoQuant 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. Related Reading: Shiba Inu Sees 10% Pullback, But Here\u2019s Why Rally Can Still Continue 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: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":546207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11680,89063,86334,639,1119,1144],"class_list":["post-546175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-miner-accumulation","tag-bitcoin-miner-reserve","tag-bitcoin-miners","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Miners Show Accumulation Again, Bullish Sign?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin miners have been expanding their reserves recently, a sign that could be bullish for the asset's price.\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miners Show Accumulation Again, Bullish Sign?","url":"http:\/\/wncen.com\/news\/bitcoin-miners-show-accumulation-again-bullish-sign\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-miners-show-accumulation-again-bullish-sign\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1248674191.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1248674191.jpg?fit=2120%2C1415"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish","bitcoin miner accumulation","bitcoin miner reserve","bitcoin miners","btc","btcusd"],"dateCreated":"2023-08-08T15:00:05Z","datePublished":"2023-08-08T15:00:05Z","dateModified":"2024-06-11T08:08:58Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miners Show Accumulation Again, Bullish Sign?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-miners-show-accumulation-again-bullish-sign\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-miners-show-accumulation-again-bullish-sign\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1248674191.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1248674191.jpg?fit=2120%2C1415\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish\",\"bitcoin miner accumulation\",\"bitcoin miner reserve\",\"bitcoin miners\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-08-08T15:00:05Z\",\"datePublished\":\"2023-08-08T15:00:05Z\",\"dateModified\":\"2024-06-11T08:08:58Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1248674191.jpg?fit=2120%2C1415","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=546175"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546175\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/546207"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=546175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=546175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=546175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}