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Bitcoin Miners Offload $129M BTC in Day, Sending Reserves to the Lowest Point Since May
A slump in miner reserves indicates potential selling pressure, according to CryptoQuant.
Updated Mar 8, 2024, 7:15 p.m. Published Dec 29, 2023, 2:13 p.m.
Crypto miners' bitcoin reserves slid to the lowest point since May following a spate of withdrawals this week, in a sign of mounting selling pressure as the largest cryptocurrency posts a December gain of more than 13%, data from CryptoQuant shows.
Miner reserves measure the number of coins held by the affiliated miners' wallets. The number drops as the coins are moved to crypto exchanges, possibly as a prelude to a sale.
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Miners began balancing their books in late October, with reserves entering a decline that accelerated this month. Reserves now number 1.832 million BTC being held by miners, down from October's high of 1.845 million.
In a post on social-media platform X, AliCharts pointed out that miners have sold 3,000 bitcoin [BTC] over the past 24 hours, equating to around $129 million. The cryptocurrency is currently trading at $42,891, down from yesterday's high of $43,710.
The net flow of bitcoin on Dec. 28 stood at minus 1,524 BTC, meaning that withdrawals exceeded new coins being minted, data shows.
Bitcoin will undergo a halving in April, which will see miner rewards slashed to 3.125 BTC per block from 6.25 BTC. Analysts predict that the halving will cause a supply shock with bitcoin potentially reaching $160,000.
Read more: Bitcoin Halving Is Coming and Only the Most Efficient Miners Will Survive
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