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#HighlightPosts# Bitcoin miners stopped selling, started accumulating BTC again.
Bitcoin miners stopped selling BTC, which may signal the end of a long distribution process.
Miner wallet balances increased by approximately 2,700 BTC in the last month.
data shows that the positive trend for both miners and BTC price strength continues.
Bitcoin BTCUSD miners' accumulation is back. Network participants prefer to hold rather than sell at low prices around $75,000.
It shows that miners are currently actively increasing their BTC reserves.
Bitcoin miners reverse months-long sell-off
Bitcoin’s April plunge to multi-month lows has caused a fundamental shift in miner behavior. The long-standing sell-off has given way to a significant build-up.
According to the data, after the BTCUSD pair dropped to just below $75,000, miner wallet balances also bottomed out and then began to rise along with the price.
As of April 12, there were 1,794,622 BTC in miners’ wallets, while as of May 13, that number had reached 1,797,330 BTC. This represents an increase of 2,708 BTC, or 0.15 percent.
Although this increase seems small in terms of total miner assets, it is noteworthy because it occurred after the sales process that gained momentum in late 2023. This development brought optimism in terms of the direction of the BTC price.
It was reported that the decrease in selling pressure from miners contributed to the price trend, and institutional buying eclipsed the daily BTC mined.
Hash Ribbons are giving the classic BTC bull signal
A classic metric that tracks miner behavior continues to display its traditional bullish performance since the last “buy” signal.
Bitcoin’s illiquid supply hits a record high of 14 million BTC thanks to whales
The Bitcoin Hash Ribbons indicator uses two moving averages of the hashrate to identify periods of “capitulation” among miners.
Since the last market entry signal in late March, BTCUSD has gained about 20%.
“Hash ribbons are still giving a buy signal here,” predicting that the BTC price will “go much higher” in May.