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    Home News Bitcoin News

    Bitcoin Miners Show Strong Accumulation As Their Inventories Spike Up

    Andy K by Andy K
    January 14, 2022
    in Bitcoin News
    Reading Time: 4 mins read
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    Bitcoin Miners Show Strong Accumulation As Their Inventories Spike Up
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    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.


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    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


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

    Bitcoin Miner Reserve

    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 miners bought the dip.

    Related Reading | Jack Dorsey’s Block To Democratize Bitcoin Mining With Open Source Mining System

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    Miners have traditionally been big sellers in the market as they have had to sell some of what they mine to keep their operations running. However, as BTC’s price has risen, and their machines have gotten more advanced and efficient, miners have started selling lesser as it’s enough to sustain electricity and other mining costs.

    Miners, who have originally always brought selling pressure to the market, have been shifting towards becoming hodlers for a coupe of years now. This can be quite bullish for the price of the coin in the long term.

    BTC Price

    At the time of writing, Bitcoin’s price floats around $42k, down 0.6% in the last seven days. Over the past month, the crypto has lost 10% in value.

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

    Bitcoin Price Chart

    BTC's price plunges down after breaking above $44k | Source: BTCUSD on TradingView

    BTC managed to reach as high as $44.4k in its recent move up, but today the crypto has once again come back down, erasing the gains of the past couple of days.

    Featured image from Unsplash.com, charts from TraadingView.com, CryptoQuant.com
    Tags: bitcoinbitcoin accumulationbitcoin minersbtcbtcusd

    Read More From Original Source

    Tags: bitcoinbitcoin accumulationBitcoin MinersBTCBTCUSD
    Share3281Tweet2051
    Andy K

    Andy K

    Andy is a former Forex Trader who got involved in the crypto industry early January 2013. Since then Andy has been writing about cryptocurrencies and blockchain technology within various online crypto news publications. He is also one of the main contributors to Cryptotelegraph.com

    Fun Fact : Despite other staff members helping themselves daily - Andy has a 'never-ending' container of 'Jelly beans' always sat on his desk, it's magic!

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