On-chain data shows that Bitcoin miners have been expanding their reserves recently, a sign that could be bullish for the asset’s price.

As pointed out by an analyst in a CryptoQuant post, BTC miners have been accumulating during the past 48 days. The indicator of interest here is the “miner reserve,” which measures the total amount of Bitcoin that all miners are holding in their wallets right now.

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When the value of this metric goes down, it means that the miners are withdrawing coins from their wallets currently. Generally, these chain validators only transfer coins out of their reserve whenever they want to sell them, so this kind of trend can have bearish implications for the price.

On the other hand, the indicator increasing in value implies the miners are adding a net amount of BTC to their wallets. Such a trend can be a sign that these investors are accumulating at the moment, and hence, can be bullish for the cryptocurrency.

Now, here is a chart that shows the trend in the Bitcoin miner reserve over the last couple of months:

As shown in the above graph, the Bitcoin miner reserve had observed a large rise back in May, but soon after this increase, this cohort started selling as the asset’s price continued to show struggle.

After the rally had taken place in June, however, the indicator’s value had stabilized, meaning that these investors were selling the same amount as they were adding to their holdings.

In the last few weeks, this sideways trend has slowly turned into an uptrend, as the miners have been gradually expanding their reserves. In the past 48 days, these chain validators have added a total of around 4,060 BTC to their holdings.

This amount is worth around $118 million at the current exchange rate, which isn’t a ton given the scale of the total miner reserve, but it’s still nonetheless a positive sign that the miners have been accumulating despite the cryptocurrency’s price observing some decline recently.

A notable portion of this latest accumulation by the miners has come from one mining pool, AntPool, as the below chart displays.

In the past 52 days, the AntPool Bitcoin mining pool has added a total of about 1,020 BTC to their reserves, which is more than 25% of the total accumulation that all the miners have participated in during this period.

The quant has also attached the data for the exchange flows (as well the normal outflows/inflow) for this mining pool. Earlier, there was some concern around the market that these miners may have been selling as they were depositing to exchanges, but as it turned out, this cohort was merely transferring their coins back and forth from these platforms.

At the time of writing, Bitcoin is trading around $29,100, up 1% in the last week.

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