Crypto News: Bitcoin (BTC) made a positive start for the month of March as its printed green indexes on Wednesday. Bitcoin price by more than 2% in the last 24 hours. Amid this price surge, BTC miners have been caught moving their reserves to the exchanges.
Miners Using Bitcoin Price Jump?
As per the data, Bitcoin miners have begun to reduce their reserves amidst the recent price jump. Miners have sent around 400 Bitcoin to exchanges recently. The report added that cumulative miner reserves decline by 1400 Bitcoin since February 24, 2023.
However, this is not a significant movement but still, it is important to monitor miner behavior as this could lead to the beginning of distribution. Moving reserves to exchange includes the purpose of covering the expenses indulged in the business. This also coincides preparation of Selling Bitcoin ahead of.
This miner movement can lead to short term selling pressure. However, the level of the moving average of the miner position index (MPI) is still standing low and below. Expert suggests that the recent miner move will affect long term price action. R
BTC Holding Declines
The report suggests that the whales are waiting here for a sell off. As per the on chain data, Exchange Whale Ratio (72 hours) is standing above 0.85. While the exchange Whale Ratio based on a daily basis is above 0.6.
Glassnode reported that the number of addresses holding more than 1,000 Bitcoin went on the decline to a 3 year low of 2,005. While Addresses holding more than 100 BTC just reached a 1 month low of 16,043. However, the BTC percentage supply last active for over 5 years reached an ATH of 28.28%.
It should be noted that Bitcoin price has managed to surge around 3% over the past 30 days. BTC is trading at an average price of $23,790, at the press time. Its 24 hour trading volume is up by 7% to stand at $24.5 billion.