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Home Bitcoin

How Bitcoin miners are keeping BTC’s price stable

January 31, 2024
in Bitcoin
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How Bitcoin miners are keeping BTC’s price stable
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  • Bitcoin miners have moved over 5,000 BTCs in three days.
  • BTC remained above the $42,000 price range.

The Bitcoin [BTC] Miner Reserve metric has witnessed a notable shift, suggesting sales of the king coin. Did these sales significantly impact the reserve and the price of BTC?

Bitcoin Miner Reserve sees significant moves

CryptoQuant recently reported a substantial outflow of over 4,000 BTC, valued at around $173 million, as indicated by the Bitcoin Miner Reserve.

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This outflow marked the highest observed since the 16th of May 2023.

AMBCrypto’s examination of the Miner Reserve further indicated that the decline in reserves had commenced around November 2023.

As of press time, more than 1,200 BTCs had left exchanges, signifying an outflow of over 5,000 BTCs from the reserve in the last three days.


Bitcoin Miner Reserve

Source: CryptoQuant

Bitcoin Miner Reserve maintains high value

AMBCrypto’s examination of the Bitcoin Miner Reserve USD showed that, despite the recent outflow, the reserve’s value remained higher than the months in the previous year.

Although there was a recent decline in this value, it still stood above $70 billion at press time.

As of the latest data, the Reserve value was around $78.3 billion. Until December 2023, the highest value of the Reserve from February to November 2023 was around $67 billion.


Bitcoin Miner Reserve value

Source: CryptoQuant

Comparing Bitcoin’s miner flow to daily trade volume 

One noticeable observation by AMBCrypto is that the market adeptly absorbed Bitcoin from the Miner Reserve.

See also  Bitcoin: Are investors bullish despite BTC's correction?

The strength of accumulation was evident when we examined BTC’s trade volume between the 29th of January and press time. 


BTC volume

Source: Santiment

During this period, the trade volume was consistently over $20 billion. In contrast, the total volume from the Miner Reserve sale was over $173 million.

When comparing the Miner Reserve sale to the overall trade volume, it becomes apparent that there was no significant impact on the prevailing trend. As of press time, BTC’s trade volume was about $23 billion.

How BTC has trended

AMBCrypto’s analysis of Bitcoin’s daily timeframe price trend showed that it has managed to stay above the $42,000 price zone despite recent declines.

At the time of this writing, it was trading at 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 times, BTC saw an increase of over 3%, reaching a value of over $43,000.


BTC/USD daily price trend

Source: Trading View


Is your portfolio green? Check out the BTC Profit Calculator


BTC has climbed over the neutral line on its Relative Strength Index (RSI) and has sustained this position. Thus, the movement of Bitcoin miners cannot be characterized as a complete dump.

This move did not exert a significant impact on BTC’s volume and price trend at press time.

Tags: BitcoinBTCskeepingMinersPriceStable

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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Elon Musk Fuels the Argument for Bitcoin Ordinals’

Elon Musk Fuels the Argument for Bitcoin Ordinals’

November 4, 2023
Taproot Wizards Delays ‘Quantum Cats’ Sale for 2nd Time, After Messy Bitcoin NFT Debut

Taproot Wizards Delays ‘Quantum Cats’ Sale for 2nd Time, After Messy Bitcoin NFT Debut

January 31, 2024
Will Ethereum rebound? THIS signals potential bull run

Bitcoin whales scoop up 100K BTC in a week: Sign of a continued rally?

November 15, 2024
Saga Launches Next-Gen Gaming Infrastructure: Get Ready for Airdrops!

Bitcoin Rises to Fourth Largest Blockchain by NFT Volume

June 4, 2024

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