Source: Cointelegraph
Original: “Bitcoin miners halt sales, BTC has risen 20% since Hash Ribbons indicator issued a 'buy' signal”
Key Points:
Bitcoin miners have stopped selling, which may signal the end of a prolonged selling pressure cycle.
In the past month, miner wallet balances have increased by approximately 2,700 bitcoins.
Hash Ribbons data shows that the strong trend of miners and Bitcoin prices continues.
Bitcoin miners have started accumulating bitcoins again, with network participants shifting from selling to holding at the $75,000 low.
On-chain analytics firm Glassnode indicates that miners are currently actively increasing their BTC reserves.
Bitcoin miners end months of selling spree
Bitcoin reached a multi-month low in April, triggering a significant shift in miner behavior, reversing a long-term selling trend into notable accumulation.
Glassnode's data shows that shortly after BTC/USD fell to just below $75,000, miner wallet balances also hit a low and then began to rise along with the price.
As of April 12, 2024, miners' wallets held a total of 1,794,622 bitcoins, which increased to 1,797,330 bitcoins by May 13, marking an increase of 2,708 bitcoins, or about 0.15%.
Although this increase is not large in terms of total miner holdings, the shift is particularly noteworthy as it ends a continuous selling trend that accelerated since the end of 2023. This has led to optimistic expectations for Bitcoin price movements.
“Extremely bullish for Bitcoin!” commented well-known trader and investor Mister Crypto on the X platform, citing similar data from the on-chain analytics platform CryptoQuant.
Miners have stopped selling. Extremely bullish for Bitcoin! pic.twitter.com/bLuCM5GMgL
Earlier, Cointelegraph reported that the weakening selling pressure from miners is boosting Bitcoin price movements, while institutional buying far exceeds the daily new Bitcoin production.
📊MARKET UPDATE: #Bitcoin miner selling pressure is at its lowest since 2024. A low value implies that miners are holding their coins and are not increasing the $BTC supply in the current market, which is positive for the price. (h/t: @Alphractal) pic.twitter.com/M6iMz7jReT
Hash Ribbons issue classic Bitcoin bull market signal
Meanwhile, a classic indicator covering miner behavior continues to show classic performance since its latest “buy” signal.
Hash Ribbons, created by quantitative Bitcoin and digital asset fund Capriole Investments, uses two moving averages of hash rate to delineate periods of miner “surrender.”
Since the last market entry suggestion was issued at the end of March, Bitcoin (BTC/USD) has risen by approximately 20%.
“Hash Ribbons still signal a buy,” popular trader and investor Mister Crypto commented this week in a post about this phenomenon, predicting that Bitcoin prices will “rise significantly” in May.
Related: McHenry: Former SEC Chair Gary Gensler supports cryptocurrency in private settings
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
