Bitcoin miners wait for a new bullish market.
What is the standard for bullish markets that miners sell Bitcoin?
When MVRV surpassed '3' in December 2020, Miner Reserve decreased sharply, and Miner Outflow increased.
(At that time, Bitcoin price was about $28,000)
If a specific price range were used as a sales standard, they would have sold Bitcoin when it renewed its high point in November 2021.
But the miners didn't move.
I think miners having not sold Bitcoin at new high points is related to MVRV.
(MVRV went up to 2.93, November 21)
Currently, miners continue to increase their holdings without much withdrawal.
This means that miners wait for a bullish market.
