Yeliz Akmaca 
Bitcoin miners have reversed their long-standing selling trend. Recent data shows miners are now accumulating BTC. Since the $75,000 dip in April, miner wallet balances have increased by approximately 2,700 BTC. The Hash Ribbons indicator confirms a bullish price signal.
Bitcoin Miners Shift to Accumulation
In April, when Bitcoin dropped to $75,000, miners changed their behavior. According to Glassnode, BTC in miner wallets rose from 1,794,622 on April 12 to 1,797,330 by May 13—a 0.15% increase. Though small, this shift signals the end of the selling trend that began in late 2023. Institutional buying is also outpacing miners’ daily BTC production, supporting upward price movement.
Miners’ accumulation is boosting market confidence. Glassnode data confirms the 2,700 BTC increase in miner wallets, potentially marking the end of the 2023 selling trend. The Hash Ribbons indicator further supports a strong buy signal. Following its March signal, BTC rose 20%.
Additionally, Bitcoin miners are undergoing a transformation shaped by energy costs and regulations. In the U.S., Trump-backed American Bitcoin plans to go public through a merger with Hut 8. Ethiopia, with state-backed mining, holds 2.5% of the global hashrate. However, Kuwait has imposed restrictions on mining due to energy concerns. As a result, miners are turning to renewable energy and exploring new markets.
Hash Ribbons Signals Strong Buy
Hash Ribbons, a reliable indicator of miner behavior developed by Capriole Investments, uses two moving averages of hashrate. Since its “buy” signal in late March, BTC/USD has gained 20%. Crypto investor Mister Crypto predicts further price increases in May, noting the signal’s continuation. Hash Ribbons identifies miner capitulation periods, offering market entry opportunities.
Miners have stopped selling.
Extremely bullish for Bitcoin! pic.twitter.com/bLuCM5GMgL
— Mister Crypto (@misterrcrypto) May 14, 2025
In conclusion, miners’ accumulation and the positive Hash Ribbons signal paint a bullish picture for Bitcoin.
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