Bitcoin miners have been selling their coins recently, as shown by on-chain data, which could potentially have bearish consequences for the cryptocurrency's price. The "miner reserve" indicator, which measures the total amount of Bitcoin that all miners are holding in their wallets, has been decreasing, suggesting that miners are transferring BTC out of their reserves, possibly for selling-related purposes.

The miner reserve saw a sharp plunge just as the rally began in January, and has only moved sideways or down since then, indicating that miners haven't participated in any accumulation in recent months. Though the actual scale of their selling isn't significant compared to their total reserve, the trend could have a profound effect on the BTC price.