- Bitcoin miners have moved over 5,000 BTCs in three days.
- BTC remained above the $42,000 price range.
The Bitcoin [BTC] Miner Reserve metric has witnessed a notable shift, suggesting sales of the king coin. Did these sales significantly impact the reserve and the price of BTC?
Bitcoin Miner Reserve sees significant moves
CryptoQuant recently reported a substantial outflow of over 4,000 BTC, valued at around $173 million, as indicated by the Bitcoin Miner Reserve.
This outflow marked the highest observed since the 16th of May 2023.
AMBCrypto’s examination of the Miner Reserve further indicated that the decline in reserves had commenced around November 2023.
As of press time, more than 1,200 BTCs had left exchanges, signifying an outflow of over 5,000 BTCs from the reserve in the last three days.
Source: CryptoQuant
Bitcoin Miner Reserve maintains high value
AMBCrypto’s examination of the Bitcoin Miner Reserve USD showed that, despite the recent outflow, the reserve’s value remained higher than the months in the previous year.
Although there was a recent decline in this value, it still stood above $70 billion at press time.
As of the latest data, the Reserve value was around $78.3 billion. Until December 2023, the highest value of the Reserve from February to November 2023 was around $67 billion.
Source: CryptoQuant
Comparing Bitcoin’s miner flow to daily trade volume
One noticeable observation by AMBCrypto is that the market adeptly absorbed Bitcoin from the Miner Reserve.
The strength of accumulation was evident when we examined BTC’s trade volume between the 29th of January and press time.
Source: Santiment
During this period, the trade volume was consistently over $20 billion. In contrast, the total volume from the Miner Reserve sale was over $173 million.
When comparing the Miner Reserve sale to the overall trade volume, it becomes apparent that there was no significant impact on the prevailing trend. As of press time, BTC’s trade volume was about $23 billion.
How BTC has trended
AMBCrypto’s analysis of Bitcoin’s daily timeframe price trend showed that it has managed to stay above the $42,000 price zone despite recent declines.
At the time of this writing, it was trading at around $42,800, reflecting a decline of less than 1%.
The chart showed that on the day the Miner Reserve experienced its most substantial outflow in recent times, BTC saw an increase of over 3%, reaching a value of over $43,000.
Source: Trading View
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BTC has climbed over the neutral line on its Relative Strength Index (RSI) and has sustained this position. Thus, the movement of Bitcoin miners cannot be characterized as a complete dump.
This move did not exert a significant impact on BTC’s volume and price trend at press time.