Bitcoin miners

Key Takeaways:

  • Bitcoin miners have sold their stash since Jan 2023.
  • Are miner reserves ready for an accumulation phase?
  • Puell Multiple could indicate a drawdown ahead.

YEREVAN ( – Bitcoin miners have sold their reserves in 2023 to secure profits from the cryptocurrency’s 75% year-to-date price rally, data reveals.
Bitcoin (BTC) daily price action. Source:

Miners do not expect more profits in the current quarter

Generally, miner behavior is one of the gauges for future asset prices, as they strive to sell at the top and accumulate at the bottom. According to the on-chain analytical platform CryptoQuant, miners dumped their holdings year-to-date, with two distinctive “unload” periods – one in late January and the other in April, during the mentioned price peak.

Bitcoin Miner reserves declined year-to-date. Source:

The return of miners’ interest in holding bitcoins for a longer time will be one of the other valuable factors for the growth of the price counties, which is necessary to be attention to in the coming days on the market. 

stated the platform.

Also read: Bitcoin Price Holds Magical Support at 50-day SMA, Time To Rally?

Miner reserves and Bitcoin price exhibit an inverse correlation, as seen in the chart below. However, the BTC’s reaction to shifts in miner behavior is not immediate.

Miner reserves vs BTC price. Source:
Miner reserves vs. BTC price. Source:

Additionally, the reserves dropped to a 2-year low, hinting that accumulation could be next. Did the April price peak end the bull phase?

Puell Multiple could see another drop.

The “Puell Multiple” (PM) indicators could help pinpoint the profitability of selling, giving additional gauge for future BTC bias.

In detail, PM examines the fundamentals of bitcoin miner behavior and how it can affect the market. It is equal to the ratio of the daily coin issuance (in USD) to its 365-day moving average (in USD).

Current miner profitability is higher than the yearly average if the PM is high. Low values indicate the opposite. Moreover, the ‘red zone’ on the chart below coincides with bull cycle peaks, while the ‘green zone’ often indicates bear cycle bottoms.

Puell Multiple indicator for Bitcoin. Source:
Puell Multiple indicator for Bitcoin. Source:

For example, PM recently hit the ‘green’ bottom in late Dec 2022, indicating a bullish phase ahead, which brought BTC the mentioned 70% rally since January. As of May 2, the PM indicator rose to the mid-range, which, considering miners’ readiness to sell, could indicate a local top. If the prediction pans out, BTC could drop further.

Also read: EU Pledges Nearly $20B to Fill Ukraine’s Budget Deficit Amid Raging War.

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