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Description

Percentage of Miner Supply Spent, also referred to as Miner Supply Sold, represents the daily percentage of miner-held balances that have been spent or sold, rather than accumulated. This metric is used to monitor miner behavior, which can influence market supply dynamics. Bitcoin miners often liquidate holdings to cover operational expenses or distribute profits. As miner sell-offs increase, additional Bitcoin enters the market, potentially exerting downward pressure on prices. Miner behavior also serves as an indicator of network health. A larger, more active miner base contributes to decentralization. Accumulation by miners is generally considered a bullish signal, as it suggests delayed entry of those tokens into market circulation.

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Use Case

Traders can use this metric to sell ahead of miners. **Analysts **can track this metric to evaluate and compare the health of the network. **Researchers **can use this metric to identify correlations between miner activity and overall market sentiment.

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Methodology

Percent of Miner Supply Sold = Spent Tokens from Miners / Supply.

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Frequently Asked Questions

How often is this chart updated?
  • Daily.