Crypto Miners’ Bitcoin Reserves Hit Lowest Level Since May Amidst Increased Selling Pressure
Bitcoin miner reserves have reached their lowest point since May, signaling increased selling pressure as the largest cryptocurrency records a December gain of more than 13%.
Data from CryptoQuant indicates that Bitcoin miners’ reserves have been steadily decreasing since the beginning of December. In the past 24 hours alone, miners reportedly sold around 3,000 bitcoins, bringing their total holdings to approximately 1,834,447 BTC.
On December 28, the net flow of Bitcoin stood at minus 1,524 BTC, indicating that withdrawals exceeded the new coins minted. This ongoing trend raises questions about potential selling activities by miners and their impact on the overall market dynamics.
The decline in miner reserves started in late October and has accelerated this month, reaching 1.832 million BTC from October’s high of 1.845 million. In the last 24 hours alone, miners reportedly sold approximately $129 million worth of BTC at the current trading price of $42,891.
In a notable move, #Bitcoin miners have sold over 3,000 #BTC in just the last 24 hours, amounting to approximately $129 million. This substantial sell-off could influence the price of $BTC. pic.twitter.com/mUl4ebDwpm
— Ali (@ali_charts) December 28, 2023
Despite BTC’s price rising from $30,000 to nearly $45,000 during this period, the ongoing reduction in miner balances is noteworthy. The impact of miner activity on the prospects of bullish price continuation is a topic of discussion among analysts.
According to CryptoQuant, the balance reductions are considered “substantial.” Miners have experienced a significant revenue boost in Q4, with increased fees amid the highest BTC price levels since April 2022.
Miner reserves represent the number of coins held in affiliated
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