On-chain data shows Bitcoin miner reserve has showed a sharp spike recently, suggesting that miners are currently loading up on the crypto. Bitcoin Miner Reserve Shoots Up; Trend Of Accumulation From Last Year Continues As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve has shown strong uptrend recently. This seems to be a continuation of the accumulation trend from the last year. The “miner reserve” is an indicator that tells us the total amount of Bitcoin currently stored in the wallets of miners. When the trend in the metric is towards up, it means miner inventories are growing as they stock up on more of the coin. Such a trend can be bullish for the price of the coin as it shows miners are currently accumulating BTC. On the other hand, a downtrend in the indicator implies miners have started to dump their Bitcoin. This kind of trend is naturally bearish for the price of the crypto as miners usually sell in big amounts. Related Reading | Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022 Now, here is a chart that shows the trend in the BTC miner reserve over the past couple of years: Looks like the value of the indicator has showed sharp uptrend recently | Source: CryptoQuant As you can see in the above graph, the miner reserve has been gradually moving up since May. A few days back, when the price of Bitcoin dropped down to $39k, the metric showed a huge spike up as...
