TOTHEMOON?
According to Cointelegraph, Bitcoin miners have recently halted their selling activities, marking a potential end to a prolonged distribution phase. Over the past month, miner wallet balances have increased by approximately 2,700 BTC, indicating a shift towards accumulation. This change in behavior comes as Bitcoin's price hovers around $75,000, with data from onchain analytics firm Glassnode showing that miners are actively adding to their BTC reserves.
The trend reversal began in April when Bitcoin hit multimonth lows, prompting miners to switch from selling to accumulating. As BTC/USD bottomed just below $75,000, miner wallet balances found a floor and began to rise alongside the price. On April 12, miner wallets held 1,794,622 BTC, which increased to 1,797,330 BTC by May 13, reflecting a growth of 2,708 BTC or 0.15%. Although this increase is minimal relative to total miner holdings, it is significant as it follows a selling streak that started in late 2023.
DYOR.
