Key Points
- Bitcoin miners are holding onto their mined BTC despite a 7.58% decline in Bitcoin’s value.
- Reduced selling pressure from miners could potentially allow room for Bitcoin’s recovery.
Despite the recent 7.58% decline in Bitcoin‘s value, hitting a 4-month low, Bitcoin miners continue to hold onto their mined BTC.
Miner Behavior Amidst Bitcoin Decline
Even with strong downward pressure and active sellers, Bitcoin miners remain indifferent to the trend. Data from CryptoQuant shows that miners are not selling, but rather holding onto their mined holdings.
Since December 2024, miners have been accelerating their mined Bitcoins. Hence, the miner’s reserve has remained unchanged since that time. Even when Bitcoin prices spiked, miners didn’t rush to sell, but rather gathered their Bitcoin.
Implications for Bitcoin
This behavior suggests that miners feel the price has declined to unsustainable levels for selling, making holding a more viable option. However, this does not necessarily mean they are bullish on Bitcoin.
The reduced selling pressure from miners could potentially benefit Bitcoin by reducing pressure on prices, allowing room for recovery. However, since Bitcoin is still in a downtrend, further losses may occur before this behavior positively affects prices.
For a recovery to happen, Bitcoin must first reclaim the $86,000 mark. Until then, miners are likely to continue holding onto their assets instead of selling them.
