Bitcoin Miners and Long-Term Holders Signal Market Stability
- Binance Pool miner reserves decreased from 41,987 to 41,915 in May, indicating ongoing but reduced selling pressure.
- The Miner Position Index remains below panic-selling levels, while the Puell Multiple is under one, suggesting a “wait phase” among miners.
- Over 70% of circulating Bitcoin is held by investors for over a year, surpassing the threshold of 15 million BTC for the first time since October.
- The weekly Relative Strength Index for Bitcoin retested the critical level of 50, historically linked to price expansion phases.
These data points suggest that both miner activity and long-term holder behavior indicate stability in the Bitcoin market. The combination of reduced selling pressure from miners and increased accumulation by long-term holders supports a positive outlook on Bitcoin’s price trajectory. (Source)
