The chart shows that miners have been heavily accumulating since April last year until February 2022. After February, the curve on the chart has been moving in a range. As per the chart, the cumulative balance of BTC miners is now slightly under 1,825 BTC after a slight decline.
The sudden rise in accumulation last spring started after a tremendous plunge in the Bitcoin balance of miners.
Prominent Bitcoin-related account @BTC_Archive believes this to be a bullish sign as miners are likely to be accumulating, expecting a price rise soon. He stated:
At press time, the flagship cryptocurrency is changing hands at $42,283, according to CoinMarketCap.