Inverse Relationship:
There appears to be an inverse relationship between Bitcoin's price and miner reserves. As the price of Bitcoin increases, miner reserves tend to decrease, and vice versa.
Price Peak and Reserve Decline:
The peak in Bitcoin's price around March 2024 corresponds with a significant decline in miner reserves. This could suggest that miners are selling off their reserves to capitalize on the high prices.
This chart is valuable for understanding how miner behavior (in terms of holding or selling Bitcoin) might influence market prices and can be used to make informed decisions. As you can see, miner reserves are decreasing, which means the bull market is still ongoing.
Written by Amr Taha