BTC Miners are doing something they haven't done much of recently, they are HODLing

According to data from https://terminal.bytetree.com/bitcoin we are seeing that miners may possibly be starting to HODL bitcoin again.

I say again, because they haven't been doing much HODLing over the last several months.

Check it out:

(Source: https://terminal.bytetree.com/bitcoin)

Whether we look 12 weeks out, 5 weeks out, or 1 week out, we can see that the miner inventory has been decreasing in every time frame.

Meaning miners are selling more bitcoin than they are mining.

However, pay special attention to the first data point posted above, the 1 day time frame...

The times they are a changin?

It's still early at this point but as of right now, we are seeing that over the last 24 hours miners have sold less bitcoin than they have mined.

That may not sound like that big of a deal, but looking at the other data you can see very quickly that miners routinely sell the bitcoin they mine and have mostly been selling more btc than they mine no matter which time frame you look at.

https://www.youtube.com/watch?v=e7qQ6_RV4VQ

Why are they doing this?

That is a good question.

It could just be an anomaly, or it could be because they think they will get higher prices in the near future, or it could be because they think the bitcoin market is too weak to sell into...

It really all depends on what your school of thought is regarding selling by miners.

Some seem to think that miners hold when they think the price is low and sell when they think it is high, while others think that it's more likely that miners hold when the market is weak and sell when the market is strong having the least amount of impact on spot prices.

I think I probably lean more towards the second school of thought.

Miners operate under mostly a cash business, meaning that their expenses are in cash and they need to raise cash every chance they get. I don't think they are in the bitcoin investor category for the most part and would most likely be more concerned about being able to get good fills for their mined coins each day.

Anyways, this is interesting data either way...

What do you think miners starting to HODL BTC means?

Stay informed my friends.

-Doc