On-chain data shows Bitcoin miner reserve is growing as miners are accumulating BTC. The Puell Multiple confirms that miners don’t want to sell at the current price level. Bitcoin Miner Reserves Grow To Highest Value For The Year As pointed out by a CryptoQuant post, BTC miner reserve has been going up as miners seem to be waiting before selling. There are two indicators of relevance here. The first is the “miner reserve,” which is a metric that simply measures the amount of Bitcoin that miners are currently holding in their wallets. An uptrend of this indicator implies miners are accumulating their coins rather than selling. On the contrary, a downtrend would suggest miners might be dumping their Bitcoin. The other indicator is the famous “Puell Multiple,” a metric that tells us how profitable miners would be compared to the last year if they sold all their mined coins today. The Puell Multiple’s value is calculated by taking the ratio between the daily value of issued coins and the 365-day moving average of it. Related Reading | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run Now, here is a chart that shows the trend in the value of these BTC indicators over the past few months: Looks like the value of the miner reserve has been going up recently | Source: CryptoQuant As you can see in the above graph, the BTC miner reserve seems to be increasing. T...
