@emijly
rs are natural BTC sellers, covering costs by liquidating block rewards. When miner outflows spike, it can foreshadow increased supply pressure. Historically, heavy miner selling near cycle highs has aligned with local tops. However, the ETF-driven market has diluted their influence: institutional flows often overshadow miner sales. Still, miner reserves remain a valuable sentiment gauge. A sudden shift from accumulation to distribution should not be ignored, especially if coupled with weakening demand. Miners may no longer dictate markets, but their behavior matters.
0 reply
0 recast
0 reaction