- Bitcoin miners moved more than 5,000 BTCs in three days.
- BTC remained above the $42,000 price range.
The Bitcoin [BTC] The Miner Reserve metric has witnessed a notable shift, indicating the sale of the king coin. Did these sales have a significant impact on the reserve and price of BTC?
Bitcoin Miner Reserve Sees Significant Movements
CryptoQuant recently reported a substantial outflow of over 4,000 BTC, valued at approximately $173 million, as indicated by the Bitcoin Miner Reserve.
This outflow was the highest since May 16, 2023.
AMBCrypto’s research of the Miners Reserve further indicated that the decline in reserves had begun around November 2023.
At the time of writing, more than 1,200 BTCs had left the exchanges, marking an outflow of more than 5,000 BTCs from the reserve in the past three days.
Source: CryptoQuant
Bitcoin Miner Reserve maintains a high value
AMBCrypto’s research of the Bitcoin Miner Reserve USD found that despite the recent outflows, the value of the reserve remained higher than the months of the previous year.
Although this value has fallen recently, it was still above $70 billion at the time of writing.
According to the latest data, the reserve value was approximately $78.3 billion. Until December 2023, the highest value of the reserve from February to November 2023 was about $67 billion.
Source: CryptoQuant
Comparison of Bitcoin miner flow with daily trading volume
A notable observation from AMBCrypto is that the market has capably absorbed Bitcoin from the Miner Reserve.
The strength of the accumulation became apparent when we examined BTC trading volume between January 29 and the time of writing.
Source: Santiment
During this period, trading volume consistently exceeded $20 billion. In contrast, the total volume of Miner Reserve sales exceeded $173 million.
When comparing Miner Reserve sales to total trading volume, it becomes clear that there was no significant impact on the prevailing trend. At the time of writing, BTC trading volume was approximately $23 billion.
How BTC has developed
AMBCrypto’s analysis of Bitcoin’s daily price trend showed that despite recent declines, it has managed to stay above the $42,000 price zone.
At the time of writing, the stock was trading 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 memory, 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 of its Relative Strength Index (RSI) and has maintained this position. Thus, the movement of Bitcoin miners cannot be characterized as a complete dump.
This move did not have a significant impact on BTC volume and price development at the time of writing.