According to the data reflected within the chain, it appears that miners continue their recent trend of selling. In line with these sales, an additional sale of 1000 BTC caused the Bitcoin price to experience a sharp decline below $42,000 and it has failed to reclaim this level again.
According to a post by analyst Ali Martinez on Platform X, since last Friday, miners have been making some unexpected sales. The interesting point here is the “miner reserve” situation, which reflects the total amount of Bitcoin that miners hold in their wallets.
If the metric value related to the mining reserve is increasing, it can be interpreted that the chain validators are adding more coins to their current supplies. Accumulations made by miners can naturally contribute positively to the BTC price.
On the other hand, a decrease in the indicator suggests that there is a net outflow of cryptocurrency from the miners’ wallets. If one of the main reasons behind these cryptocurrency transfers by this group is considered to be selling, then such a development could trigger a downward price movement for BTC.
Since last Friday, miners have made more sales in the past few days, reflecting the ongoing trend in the market, and have carried out a large withdrawal of 1000 BTC. The current value of these coins could have been approximately $42 million. However, the exact purpose behind this withdrawal transaction is not yet entirely clear.