According to on-chain data, Bitcoin miners seem to be holding off on selling BTC despite the recent rally where the coin has crossed $57k.
Bitcoin Miner Reserves Continue To Move Sideways
As pointed out by a CryptoQuant post, BTC miner reserves continue to trend sideways amid the coin’s strong move up.
The “miner reserve” is a indicator that shows the total amount of Bitcoin that miners are currently holding in their wallets.
An increase in the metric’s value suggests miners think the coin’s value will go up in the near future, hence they are stocking up on it.
While a decrease would mean they are taking their profits as they expect a correction or bear market in the future.
Related Reading | Why A Parabolic Move