The post Why BTC Miners Are Selling Their Coins appeared on BitcoinEthereumNews.com.

Bitcoin miners have been actively reducing their holdings in recent weeks as the coin’s price continues to hover below the critical $100,000 mark. At press time, the leading coin trades at $98,535, noting a 1% decline from its all-time high of $99,860 recorded during Friday session.  As the BTC market begins to trend sideways, its miners may be prompted to further distribute their holdings for profit or to offset growing mining costs. Bitcoin Miners Sell Their Holdings According to CryptoQuant’s data, Bitcoin’s miner reserve has fallen to its lowest level since the beginning of the year. As of this writing, it sits at 1.81 million BTC.  This metric tracks the number of coins held in miners’ wallets. It represents the coin reserves miners have yet to sell. A decline in the BTC miner reserve indicates that miners on the Bitcoin network are distributing their coins either to take profits or to cover mining-related costs. Bitcoin Miner Reserve. Source: CryptoQuant Moreover, readings from BTC’s miner netflow confirm the daily trend of coin sell-offs by the network’s miners. As of this writing, the metric’s value is negative at -1,172 BTC. Miner netflow refers to the net amount of Bitcoin that miners are buying or selling. It is calculated by subtracting the amount of Bitcoin miners are selling from the amount they are buying. When it is negative, it indicates that miners are selling more coins than they are buying. This is often a bearish signal and a precursor to a short-term downward trend in the coin’s price. Bitcoin Miner Netflow. Source: CryptoQuant BTC Price Prediction: The Bulls Remain in Control While BTC miners have added to the coin’s selling pressure over the past few weeks, the bullish bias toward the king coin remains significant. This is reflected in the positioning of the dots…

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Filed under: News - @ November 23, 2024 7:20 pm