Good news? Bitcoin minors have ceased to sell their BTC, potentially marking the end of a long period of distribution. During the last month, the miners' portfolios sales increased by approximately 2,700 BTC and Hash Ribbons data indicate that times are always favorable for minors and therefore for the force of the price of the BTC.
The key points of this article:Bitcoin minors have ceased to sell their BTC, potentially suggesting the end of a long period of distribution.
Hash Ribbons data showed favorable signals for the price of the BTC, with increased accumulation by minors.
Bitcoin minors stop selling …
The accumulation of bitcoins By the minors is back, while the network participants exchange the sale for the hodling after the lowest of $ 75,000. The data from the on-chain Glassnode analysis company also show that minors actively add new bitcoins to their reserves. By reaching a lower several months in April, Bitcoin triggered a radical change in the behavior of minors after a long sequence of sales. Glass node Thus shows that shortly after the BTC/USD has reached its lowest below $ 75,000, the balance of the miners' wallets itself found a floor, and then start to increase with the price. THE Miners' portfolios held 1,794,622 BTC on April 12, while on May 13, they had reached 1,797,330 BTC, an increase of 2,708 BTC or 0.15 %. Although minimal in terms of total detention for minors, the turnaround is striking because it follows a sales phase which started at the end of 2023.
Certain positive signals would suggest a pursuit of the Haussier movement on Bitcoin – Source: account x
… And the purchase signal of hash ribbons remains active
Now, we know that decrease in sales pressure Miners often contribute to the price trend, especially when institutional purchase volumes exceed the amount of BTC mined per day. Regarding the Hash Ribbons, he has not varied since his last signal «Purchase». Created by the Capriole Investments digital asset fund, it uses two mobile averages from the hash races to delimit the periods of « capitulation » Among minors. Since its last council for entry to the market at the end of March, the BTC/USD has won around 20 % and some observers have seen it as a positive signal: «The hash ribbons always display a purchase signal here»commented Mister Crypto in a post on the phenomenon this week, predicting that the price of the BTC «Will go much higher in May». In summary, bitcoin minors have stopped selling their BTC, potentially marking the end of a long distribution period. Hash Ribbons data indicate that times are favorable for the price of BTC and inflation figures have also added a little hope. Direction the North then?