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How Bitcoin Miners Could Drive a New All-Time High For BTC

2 mins
Updated by Mohammad Shahid
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In Brief

  • Bitcoin price rose about 4% in the past week, fueled by positive market sentiment and growing optimism among investors.
  • Miners are accumulating BTC, with miner reserves hitting a weekly high of 1.8 million BTC and a 10% drop in miner-to-exchange flows.
  • Institutional demand returned as spot Bitcoin ETF inflows reached $247 million last week, supporting a potential BTC push above $120,000,
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Bitcoin’s price has steadily risen, climbing approximately 4% over the past seven days. This trend reflects improving market sentiment and growing optimism among investors. 

As momentum builds, key on-chain indicators signal the possibility of a sustained rally in the coming trading sessions.

Bitcoin Miners Hold Tight

Bitcoin miners have resumed accumulation, with the coin’s miner reserve reaching a weekly high of 1.8 million BTC. 

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Bitcoin Miner Reserve.
Bitcoin Miner Reserve. Source: CryptoQuant

The Bitcoin miner reserve tracks the number of coins held in miners’ wallets. It represents the coin reserves miners have yet to sell. When it declines, miners are moving coins out of their wallets, usually to sell, confirming growing bearish sentiment against BTC. 

Converesly, when it climbs, miners are holding onto more of their mined coins, which usually reflects confidence in future price appreciation and a bullish outlook.

Furthermore, the decline in BTC’s Miner-to-Exchange Flow highlights the accumulation trend among miners on the network over the past seven days.

According to CryptoQuant, this metric, which measures the total amount of coins sent from miner wallets to exchanges, has plunged by 10% during that period.

Bitcoin Miner to Exchange Flow
Bitcoin Miner to Exchange Flow. Source: CryptoQuant

When BTC’s Miner-to-Exchange Flow falls, miners hold back from selling and keep their coins off exchanges. This reduced selling pressure signals growing confidence in BTC’s price and can help strengthen its rally.

Moreover, last week, weekly inflows into spot Bitcoin ETFs turned positive, reversing the negative outflows recorded in the previous week. Per SosoValue, between August 4 and 8, capital inflow into these funds totaled $247 million.


Total Bitcoin Spot ETF Net Inflow.
Total Bitcoin Spot ETF Net Inflow. Source: SosoValue

This shift signals renewed institutional buying interest and a change in market bias toward BTC. Institutional investors remain confident that the coin will extend its gains and are increasing their direct exposure through ETFs. 

Can BTC Push Past $118,851 to $120,000?

This combination of renewed institutional demand and miner confidence strengthens the case for BTC’s near-term return to above $120,000. However, for this to happen, the king coin must first break above the resistance at $118,851. 

Bitcoin Price Analysis
Bitcoin Price Analysis. Source: TradingView

On the other hand, if accumulation stalls, the coin could resume its decline and fall toward $115,892.  

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Abiodun Oladokun
Abiodun Oladokun is a Technical and On-Chain Analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment...
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