This indicator shows when Bitcoin miners are selling more BTC than usual.
It indicates how much bitcoin miners are selling in the last 30 days in relation to the reserves they have.

It is an indicator proposed by Capriole, where the mining outputs of the last 30 days are added and divided by the average of the mining reserve of the last 30 days.

The graph shows the positive and negative standard deviation of this metric for the last 200 days and the relevant information is the intersection with these lines.
When it is high it indicates more selling than usual
When it is low it indicates less selling than usual

Bitcoin miner sell pressure represents industry stress, excess, and miner capitulation.