Bitcoin miners who have been actively selling their holdings lately appear to be changing their strategy. According to Hash Ribbons and Glassnode, BTC sales have stopped, which may signal the end of a long sell-off.
Over the past month, miners’ wallet balances have increased by 2,700 BTC. This indicates that miners are actively replenishing their holdings of the main cryptocurrency. Hash Ribbons, an indicator that tracks miner activity, shows that they continue to accumulate BTC rather than sell it. Glassnode confirms that miners are actively buying Bitcoin.
Changes in Miner Behavior
After reaching multi-month lows in April, miners have begun actively accumulating BTC. Their wallet balances have increased from 1,794,622 BTC to 1,797,330 BTC in just a month.
Optimism for BTC Price
The end of miner selling has given optimism for the BTC price trajectory. Trader Mister Crypto called the outlook for BTC extremely optimistic. Reduced miner selling pressure has contributed to the positive price trend. Miner holding is positive for BTC price.
Hash Ribbons as a Bullish Signal
Hash Ribbons continue to give a classic bullish signal, indicating further gains. Since the last signal, the BTC/USD pair has risen by 20%.
It is important to remember that investing in cryptocurrencies is risky. Before making any investment decisions, you should thoroughly research the market and conduct your own research.
