Bitcoin miners have quietly pivoted from months of distribution to net accumulation, hinting at a sentiment shift after April’s market wobble.
Glassnode figures show miner reserves climbing by roughly 2,700 BTC between April 12 and May 13, reversing a downtrend that had persisted since late 2023.
The change coincides with BTC’s rebound from sub-$75,000 lows to the current $90,000-plus range, giving operators breathing room on balance sheets and energy bills.
On-chain data strengthens the case
Wallet tallies now stand near 1.8 million BTC, a level that historically precedes stronger spot inflows rather than fresh coin dumps.
Observers note that institutional demand, led by ETFs, is already mopping up more than the daily mining output, magnifying the impact of even modest miner hoarding.
Hash Ribbons flash continued green
Capriole Investments’ Hash Ribbon indicator, which compares short- and long-term hashrate averages, lit a “buy” signal in late March and remains firmly positive.
Since that alert, BTC has added around 20 %, echoing rallies seen after previous capitulation-to-recovery flips in 2020 and 2023.
Market voices react
Trader Mister Crypto summed up the sentiment on X: “Miners have stopped selling.
Extremely bullish for Bitcoin!”
Other analysts warn that accumulation alone will not sustain upside if macro conditions sour, but agree that a major supply headwind has abated for now.
Broader implications for price action
Historically, miner accumulation phases have preceded multimonth advances as newly minted coins stay off exchanges.
With supply absorption already dominated by asset-manager inflows, a parallel miner hodl trend could tighten spot liquidity and accelerate moves toward six-figure territory.
Yet miners remain sensitive to power costs and network difficulty; a sharp difficulty uptick without matching price gains could quickly reignite forced sales.
For the moment, however, the data suggest operators are content to ride the upswing rather than cash out at current levels.