Insights
Miner Reserve
The total amount of bitcoin held in the wallets of miners — the people who mine new coins.
Here's the trend so far. The yellow dashed line is the Bitcoin price.
How to read this chart
Falling miner reserves are read as selling pressure, but across 12.6 years of data the differences between zones were small. On its own it's a weak signal.
New to this metric?
What is miner reserve? The warehouse stock of miners, who receive new coins every day. When stock falls, they're selling coins (selling pressure); when it rises, they're holding rather than selling.
Why does miner reserve matter?
Miners receive new bitcoin every day but must pay costs like electricity in cash, so they're a constant potential seller in the market. Whether they're selling or accumulating is a clue to pressure on the supply side.
Is a falling reserve always bad?
Not necessarily. Look at the pace of decline together with price. A gentle decline may just be routine cost coverage, but a sharp drop over a short period is often read as miners rushing to sell.
How do I use it?
It's less a standalone buy/sell signal than a supporting gauge of supply-side mood. Reserves rising alongside price suggest miners expect more upside; stretches of sharp decline are watched for selling pressure.