venturefounder
BTC Miners are not giving up on this market yet
BTC Miner reserves keep going up even as BTC prices sink in this correction since late Nov 2021. Bitcoin miners are considered “smart money” and watching miner activities can be a good way to confirm one’s short term investment thesis for Bitcoin. For example, when miners are accumulating Bitcoin inventory, or hashrate going up, it is bullish signal as miners expect the future price of Bitcoin to be higher than current, hence holding more Bitcoin as inventory or making more capital investment to increase mining activities in order to mine more Bitcoin. Since July 2021, BTC miners have been net accumulating. Even at this point, when many are predicting the end of BTC cycle, they are still net accumulating. This certainly reflects some optimism by the miners.