some reasons for why miners reserve increasing or decreasing :
* miners don't necessarily selling high and buying low.
* miners don't take any additional risks for their Bitcoin reserve value
* Miners have significant expenses to cover, mainly electricity costs to run their machines , When the price goes up, it's an opportunity to convert some mined bitcoin into fiat to pay bills and keep operations running smoothly.
* Some miners use a strategy called hedging to protect themselves against price volatility. By buying Bitcoin when prices are low, they can offset potential losses if the value of their mined bitcoins drops. This helps stabilize their financial situation.
* miners also can buy futures contract's ( long / short ) to keep risk near to zero
at last :.
i find most of time ( miners reserve ) take opposed direction with Bitcoin price means Miners buy or long when btc price decreasing and sell when btc price increasing.
Written by Amr Taha