According to data source ByteTree, miners have sold 920 BTC and generated 844 BTC in the past 24 hours, pushing their inventory down by 76 BTC and keeping the miner’s rolling inventory (MRI) figure above 100%.
“Miners HODL [hold] when the market is weak, not because they are bullish, but because the market can’t take it. When they can sell, it is an indication that the market is well supported,” said ByteTree founder and chairman Charlie Morris, who added that the MRI is currently high.
Hence, it could be said that the increased supply seen in the past 24 hours is a sign of miner confidence in a broader bull market, although some observers may argue that 24-hour changes are too small to draw valid conclusions.
Bitcoin is currently up 6% on a week-on-week basis despite miners running down inventory by 504 BTC. Similarly, miners have sold more than what they generated throughout the uptrend from the March low of $3,867 to recent highs near $10,400.
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