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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week
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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week

Data: Bitcoin Miners Are Quietly Accumulating While The Market Bleeds

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 2:18 pm
3 mins read
Bitcoin

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On-chain data suggests Bitcoin miners have been quietly accumulating while the rest of the market has been bleeding.

Bitcoin Miner Reserve Continues To Stay At High Values Despite Struggling Price

As explained by an analyst in a CryptoQuant post, BTC miners seem to have continued to accumulate while the price has declined in the past few weeks.

The “BTC miner reserve” is an indicator that tells us the total amount of Bitcoin present in the wallets of all miners.

When the value of this indicator goes up, it means miners are transferring a net amount of coins to their reserves. Prolonged such trend may be a sign that miners are accumulating right now.

On the other hand, a downtrend in the metric suggests miners may be selling at the moment as they are moving some Bitcoin out of their wallets. This trend can be bearish for the price of the crypto.

Related Reading | Bitcoin Activity Soars Post SWIFT Ban On Russia, BTC At Do Or Die Spot?

Now, here is a chart that shows the trend in the BTC miner reserve over the past year:

Bitcoin Miner Reserve

Looks like the value of the indicator has enjoyed some uptrend recently | Source: CryptoQuant

As you can see in the above graph, the miner reserve has been on the rise since the Bitcoin all-time high of $69k was set and the price subsequently started a decline.

During this period, miners have added just under 12k BTC to their treasuries, while the price of the crypto has fallen off by around 35%.

Related Reading | Bitcoin Prices Dragged Down By Geopolitical Tensions, Ukraine Nuke Plant Bombing

Historically, miners have always been one of the major sources of selling pressure in the market. So these traditional sellers rather showing accumulation behavior recently can be quite bullish for the price of Bitcoin.

The quant in the post believes that this trend of accumulation and no recent mass dumpings may be a sign that the crypto has started to hit lows.

While this can benefit the price in the long term, near term outcome is still quite uncertain due to the Russian invasion of Ukraine that still rages on.

BTC Price

At the time of writing, Bitcoin’s price floats around $38.3k, down 1% in the last seven days. Over the past month, the crypto has lost 8% in value.

The below chart shows the trend in the price of BTC over the last five days.

Bitcoin Price Chart

BTC's price seems to have tumbled down over the last few days | Source: BTCUSD on TradingView

Just a few days back, Bitcoin had again climbed above $45k, but it didn’t last long. The price declined quite fast and has now plunged down to the current sub-39k levels.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

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’s 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’t 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’t 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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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