Definition. This chart presents the BTC balance held by miners labelled by Glassnode (orange line) — excluding the Patoshi entity and unlabelled 'Other' miners — together with the 30-day Net Position Change of that balance, shown as green (accumulation) and red (distribution) columns, alongside price (grey).

Technical. The filtered balance and its momentum are computed as:

• Miner Balance (Minus Patoshi and 'Other') = Total Miner Balance - Patoshi Balance - Other Balance
• Net Position Change = diff(Filtered Balance, 30d), split into positive (green) and negative (red) columns

Interpretation. Excluding Patoshi (dormant since 2010) and the unlabelled remainder isolates the behavior of identifiable, economically active mining entities, making this a cleaner read on whether the mining industry is accumulating or distributing than the raw aggregate balance. Sustained green (positive) net position change indicates miners retaining a portion of mined coins in treasury — behavior typical of confident or well-capitalized operators — while red phases indicate miners spending down reserves, which has historically intensified during margin compression after halvings, price drawdowns, or elevated energy costs. Because labelled miner balances are estimates, coverage context matters when weighing this signal.

Notes. An analysis presenting the coverage of miners Glassnode has labelled is available in Miner Coverage. Built from Miner Balance filtered per miner cohort. See also Miner Percent Mined Supply Spent for miner spending relative to issuance.