Miner Supply Ratio measures the proportion of total BTC supply currently held in miner wallets, providing a long-term structural view of how much of the circulating supply remains in the hands of the network's primary producers at any given time.
A rising ratio indicates miners are accumulating - retaining a growing share of total supply rather than selling into the market, historically a constructive signal reflecting miner confidence in higher future prices. A declining ratio suggests miners are distributing, moving a larger proportion of their holdings onto exchanges or to other wallets, which can introduce sustained sell-side pressure particularly when occurring at scale or across multiple mining entities simultaneously.
Because this metric is normalized against total supply, it provides a structurally clean read on miner behavior independent of price fluctuations or changes in circulating supply - making it a reliable long-run indicator of whether miners as a cohort are in accumulation or distribution, and how their positioning is evolving relative to the broader market.
