The bitcoin price showed a positive trend after the release of official U.S. inflation data. This happened despite the fact that last month BTC-miners increased sales of mined coins.
According to IT Tech, miners sent more than 14 thousand BTC to exchanges, and this can by no means be called optimistic news for the market.
Glassnode estimated that the volume of net flow from BTC miners based on the 7-day moving average reached an all-time high (ATH) of $1,779,953. The previous one was $1,700,940 and was recorded in the first week of January 2022.
CryptoQuant CEO Ki Young Joo noted that this outflow did not stop at the exchange wallet, and it is likely that the funds went to a cold custodial wallet. They could be used for some kind of over-the-counter transaction, so the effect would be more likely to be neutral or bullish.
Given that open interest is on the rise, perhaps the market could actually go higher. According to IT Tech, there has been a drop in bitcoin miners’ reserves over the past two weeks, which could be an important indicator for a price reversal.