In the last week, miners have sold ~6900 BTC but have mined ~6100 BTC. This means they are selling Bitcoin from their reserves. Here are two potential explanations:
- Miners’ Bitcoin-denominated revenue was cut in half because of the Halving, making some miners unprofitable. These inefficient miners are selling reserves to pay for their electricity and operational expenses, holding out and betting on price to increase instead of cashing out and shutting down.
- Miners are selling their reserves because they’re confident that there are enough buyers to support the price. Miners have been dumping reserves but the price has held up.
Either way, miners seem to be bullish. For a more in-depth explanation, check out this quick article I wrote covering this.