Here is a chart showing the trend in the value of this indicator versus the BTC price over the last year:
The BTC miner reserve seems to be treading sideways | Source: CryptoQuant
As the above graph shows, the indicator’s value has been moving rather sideways recently, despite the sharp move up in Bitcoin’s price.
Generally, such a move implies miners are either neutral or bullish about the crypto. Many of them are still taking out some coins, while others are adding back in similar amounts. This is why the reserve is looking very balanced at the moment.
Bitcoin has shown a lot of volatility recently, but the price has still been showing an overall upwards trend as the coin now crosses $57k for the first time since May of this year.
It remains to be seen if the crypto can keep up this momentum and make a new ATH soon. Signs seem to be leaning positive as a supply shock now seems to be brewing in the market as shown by the exchange reserves of the coin that have fallen down to lows not seen since October 2017.
Featured image from Unsplash.com, chart from TradingView.com