TradingView: Miners Sell Bitcoin Less

May 15 | 08:36

4 min

Analysts from the TradingView platform, citing Glassnode data, noted that miners of the first cryptocurrency have changed their strategy in recent weeks: instead of constant sales, they have begun to increase their reserves.

This came as a surprise to the market, especially as Bitcoin price climbed to $100,000 and the Hash Ribbon indicator showed positive signals indicating the start of a new uptrend. According to the data, miners held 1,794,622 BTC in April 2025, and by mid-May, this figure had grown to 1,797,330 BTC. The total increase was 2,708 BTC, or 0.15%, indicating a shift from deficit to positive net inflows. This contrasts with previous months, when miners regularly sold mined coins to cover operating expenses such as electricity, equipment, and farm maintenance.

Ledn's chief investment officer John Glover explained that the change in behavior is due to current market conditions.

"When the price of an asset rises, it becomes more profitable to hold it rather than sell it immediately after mining. Miners can use BTC as collateral to obtain fiat loans, while preserving potential capital," he noted.

According to experts, if the holding trend continues, it could play a major role in shaping the price dynamics of Bitcoin. A decrease in supply from miners could become a factor in limited circulation, increasing the deficit and supporting the bullish trend.

“Miners are moving from being suppliers to being holders. This is another step toward making Bitcoin look like digital gold,” Glover said.

An important trigger for the change in miners’ behavior was a signal from the Hash Ribbon indicator, which is often used to determine market entry points. Its activation coincided with an increase in interest in storing coins, which may indicate the beginning of a new accumulation cycle similar to previous bullish periods.

Earlier, the CEO of the analytical platform CryptoQuant, Ki Young Ju, openly admitted the error in his previous conclusions about the end of Bitcoin's growth, made two months ago.