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Bitcoin Miners Are Hoarding Their Crypto Despite Plunge—Here’s What It Means
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Miners Are Hoarding Their Crypto Despite Plunge—Here’s What It Means

Samuel Edyme
Samuel Edyme
3 months ago
3 mins read
Bitcoin Miners Are Hoarding Their Crypto Despite Plunge—Here’s What It Means

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Bitcoin has faced a challenging market environment, with its price remaining below $88,000 and registering a 10.1% decline over the past two weeks.

This significant downturn has been marked by considerable selloffs and a lack of upward momentum. However, amidst this bearish trend, a new development within the Bitcoin mining community has been highlighted by a CryptoQuant analyst.

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3 months ago

Miners Hoard Their Bitcoin

A CryptoQuant analyst known as BilalHuseynov recently highlighted an intriguing shift in miner behavior. According to the analyst, Bitcoin miners have significantly reduced their withdrawal activity.

Since December 2024, miner reserves have remained steady, indicating that miners are holding onto their mined Bitcoin rather than selling it off. This shift comes after a period of increased selling when prices were higher. BilalHuseynov explained:

The Miner Reserve is not changing nominally from December 2024. As soon as the Bitcoin price increased, miners sold significantly. That was obvious! But since last December, after Bitcoin hit its ATL according to Bitcoin Miner Withdrawing Addresses, we can see that the withdrawal transactions have been stopped and even decreased.

This strategy appears to align with a broader market downturn, where miners opt to accumulate Bitcoin during low-price periods rather than cashing out.

“Miner Reserves are not affected significantly. It seems they are gathering their Bitcoin. In general, that is happening in the downtrends of the crypto market,” the analyst added.

Overall, the data from BilalHuseynov suggests that miners may be positioning themselves for a potential recovery. By holding rather than selling, they effectively reduce supply pressure, which could help stabilize prices in the longer term.

Institutions Step In

In a related development, another CryptoQuant analyst known as Amr Taha reported significant outflows from Coinbase Advanced over the past two days. These large outflows—interpreted as aggressive accumulation—may signal growing interest from institutional investors.

With Coinbase serving as a key platform for US-based institutions, the sizable withdrawals could indicate long-term holding strategies rather than short-term speculative moves.

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Market Signals Point To Caution: Bitcoin’s 3-Day Chart Shows Potential Sell Alert

3 months ago

Additionally, Taha noted that these movements might be tied to Bitcoin ETF activity, reflecting increased underlying demand and reinforcing a potential “supply squeeze” narrative. The analyst wrote:

These large outflows typically suggest accumulation by institutions or large investors, potentially signaling bullish sentiment. If this aligns with increased spot demand or ETF inflows, it could reinforce a supply squeeze narrative.

Meanwhile, Bitcoin is still in bearish territory, with its current price sitting below $86,000. At the time of writing, Bitcoin trades at $85,365, marking a 1.4% decrease in the past day and a roughly 11.8% plunge in the past week.

Bitcoin (BTC) price chart on TradingView
BTC price is moving downwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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