On-chain data shows the Bitcoin miner selling power is at its lowest for the year, something that could be favorable for the price of the crypto. Bitcoin Miner Selling Power Has Been Going Down In Recent Weeks As pointed out by an analyst in a CryptoQuant post, the metric has observed surges in its value a few times this year, and each time the BTC price has gone down. The “miner selling power” is an indicator that’s defined as the ratio between the Bitcoin miner outflows and the total number of coins held by this cohort (30-day moving average, log-scaled) Here, the “miner outflows” is a measure of the total amount of BTC that miners are transferring out of their personal wallets. When the value of the miner selling power rises, it means the ability of miners to dump their coins is going up right now as they are withdrawing more of them from their reserve. Naturally, such a trend can be bearish for the value of the crypto. Related Reading: Here’s Why The Current Bitcoin Bear Might Last A While Longer On the other hand, low values of the indicator suggest miners aren’t putting much selling pressure on the market at the moment, and hence might prove to be bullish for the BTC price. Now, here is a chart that shows the trend in the Bitcoin miner selling power (log-scaled) over the year 2022 so far: Looks like the log-scaled value of the metric has been on the way down recently | Source: Cry...
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