On-Chain Data Shows Bitcoin Miners May Be Preparing To Dump

On-chain data shows Bitcoin miners withdrew a large amount of coins from their wallets yesterday, suggesting they may be planning to sell them.As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve observed a plunge during the past day.

The “miner reserve” is an indicator that measures the total amount of Bitcoin currently stored in the wallets of all miners.When the value of the metric rises up, it means a net number of coins are entering into miner wallets at the moment.Such a trend, when prolonged, can suggest these chain validators are accumulating right now, and thus can be bullish for the crypto’s price.

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