Are miners currently bullish or bearish on Bitcoin?

What's new?

Miner Net Position Change suggests that miners are accumulating Bitcoin at current prices!

Why is this relevant?

Miners are the backbone of Bitcoin and, by monitoring their behaviour, we can obtain insight into what’s to come for Bitcoin. Miner Net Position Change is the 30-day change of the supply held in miner addresses. Miners typically sell their Bitcoin in times of strength and accumulate Bitcoin when the market is down.

What does the data tell us?

On-chain data shows that the 30-day net position change of miners is now positive by 2,500 Bitcoin. This comes after miners have been largely offloading their Bitcoin since April.

Conclusion
Miners accumulating Bitcoin is a great on-chain sign as the backbone of Bitcoin remains bullish.

Nothing in this article constitutes professional and/or financial advice. The content is provided exclusively for informational and/or educational purposes. Nothing is to be construed as an offer or a recommendation to buy or sell any type of asset. Seek independent professional advice in regards to financial, tax, legal and other matters.

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