- Bitcoin miners have moved over 5,000 BTC in three days.
- BTC remained above the $42,000 price range.
The Bitcoin [BTC] The Miner Reserve metric has seen a notable shift, indicating sales of the king coin. Did these sales have a significant impact on the reserve and price of BTC?
Bitcoin Miner Reserve Sees Significant Moves
CryptoQuant recently reported a significant outflow of over 4,000 BTC worth around $173 million, according to Bitcoin Miner Reserve.
This outflow marked the highest outflow observed since May 16, 2023.
AMBCrypto's research into miner reserves also revealed that the decline in reserves began around November 2023.
At press time, more than 1,200 BTC had left exchanges, representing an outflow of over 5,000 BTC from reserves in the last three days.
Source: CryptoQuant
Bitcoin Miner Reserve maintains its high value
AMBCrypto's investigation of Bitcoin Miner Reserve USD found that despite the recent outflow, the value of the reserve remained higher than in months last year.
Although this value has declined recently, it was still over $70 billion at press time.
According to the latest data, the reserve value was around $78.3 billion. As of December 2023, the highest value of the reserve was around $67 billion from February to November 2023.
Source: CryptoQuant
Comparing Bitcoin Miner Flow to Daily Trading Volume
A notable observation from AMBCrypto is that the market has cleverly absorbed Bitcoin from miner reserves.
The strength of the accumulation was evident when we examined BTC trading volume between January 29 and press time.
Source: Santiment
During this period, the trading volume was consistently over 20 billion US dollars. In contrast, the total volume from the Miner Reserve sale was over $173 million.
When comparing Miner Reserve sales with total trading volume, it is clear that there was no significant impact on the prevailing trend. At press time, BTC trading volume was approximately $23 billion.
How BTC has evolved
AMBCrypto’s analysis of Bitcoin’s daily price action found that despite recent declines, it has managed to stay above the $42,000 price zone.
At the time of writing, the price was trading at around $42,800, down less than 1%.
The chart shows that on the day Miner Reserve experienced its largest outflow in recent memory, BTC rose over 3% to reach a value of over $43,000.
Source: Trading View
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BTC has climbed above the neutral line on its Relative Strength Index (RSI) and has held this position. Therefore, the movement of Bitcoin miners cannot be called a complete dump.
This move did not have a significant impact on BTC volume and price performance at press time.
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