On-chain data suggests that Bitcoin miners have finally stopped selling their accumulated supplies of BTC. The recent dip in Bitcoin price was linked to miners selling their Bitcoin as China closes its mining operations.
The sell off may finally be over, as you can see from the graph below, the red indicates that the miners are now creating daily negative positions in terms of the BTC held in the miners blockchain addresses. And you can clearly see the rate of sales is declining.
The Miner Position Change metric factors in all balances for all newly minted coins and thus provides us with a big picture view on the full mining landscape.
Despite newly minted coins representing only a fraction of daily trade volume it appears that even miners are returning to neutral or accumulation mode.
The on-chain data suggests a relatively strong bull case for Bitcoin this week.
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