Bitcoin Miners Hold Off On Selling As Their Reserves Reach 2021 High
10 Diciembre 2021 - 01:00PM
NEWSBTC
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. This value of the indicator is the
highest it has been for the year. Related Reading | Goldman
Sachs CEO Sidesteps Bitcoin Inquiries, Says Blockchain Is More
Important Also, the Puell Multiple’s value seems to be around 1.13.
Such a low value indicates that miners aren’t finding it that
profitable to sell at the current level. This explains the uptrend
of the miner reserve as miners are currently holding on to their
coins. So, the Puell Multiple’s current value might mean that
Bitcoin is undervalued at the moment. This trend could prove to be
bullish for the coin’s price. BTC Price At the time of writing,
Bitcoin’s price floats around $49.7k, down 12% in the last seven
days. Over the past month, the crypto has lost 26% in value. The
below chart shows the trend in the price of BTC over the last five
days. BTC's price seems to have only moved sideways in the last few
days | Source: BTCUSD on TradingView Since the crash around a week
ago, Bitcoin has mostly been in consolidation as the price of the
coin looks to be stagnating. Currently, it’s unclear when the
crypto might break out of this rangebound market or which direction
it will escape in. Featured image from Unsplash.com, charts from
TradingView.com, CryptoQuant.com
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