The first chart highlights the flow of BTC sent by miners to exchanges. The primary reason miners send their BTC to exchanges is to sell it.
Since April 2024, there has been almost no significant or peak level flow of BTC sent to exchanges by miners.
At the same time, the Net Unrealized Profit and Loss (NUPL) for miners remains very positive, hovering around 0.5, indicating that miners are still in good unrealized profit.
Notably, the realized price of BTC sent to exchanges by miners is approximately $47,000.
It's also interesting to observe that the BTC miners' reserves have reached an all-time low of 1.8 million BTC.
In conclusion, miners are currently in profit, and the bullish market trend allows them to continue their operations without much difficulty, leading them to primarily hold onto their BTC.
Over time, it's worth noting that their selling pressure has diminished in tandem with their declining reserves.
Written by Darkfost
