Bitcoin Miners Sell $129M BTC in a Day, Reserves Hit Lowest Since May

• Decrease in Bitcoin Reserves held by Crypto Miners
• About Bitcoin Miner Reserves
• Recent Trends in Miner Reserves
• Detailed Analysis by AliCharts
• Bitcoin Net Flow Data as of Dec. 28
• Upcoming Bitcoin Halving
• Read More:

Decrease in Bitcoin Reserves held by Crypto Miners

Recent data from CryptoQuant reveals a significant decrease in bitcoin reserves held by crypto miners, marking the lowest point since May. The drastic reduction follows a wave of recent withdrawals, an indicator of increasing selling pressure even as the value of the premier digital currency has risen by over 13% in December.

About Bitcoin Miner Reserves

Bitcoin$42,260 -0.64% miner reserves refer to the quantity of coins in possession of the miners' wallets affiliated with the crypto mining operations. A decrease in reserves typically happens when coins are transferred to cryptocurrency exchanges, often as a precursor to selling.

Recent Trends in Miner Reserves

From late October, crypto miners started readjusting their financial records, leading to a continuous downward trend in reserves that picked up pace this month. The current reserves stand at 1.832 million BTC, a significant drop from the October peak of 1.845 million BTC.

Detailed Analysis by AliCharts

According to a social media analysis by AliCharts, miners have sold approximately 3,000 bitcoin (BTC) in the last 24 hours, which equates to around $129 million. At the moment, the cryptocurrency's value stands at $42,891, a drop from the previous day's high of $43,710.

Bitcoin Net Flow Data as of Dec. 28

On December 28, the net flow of bitcoin was negative, at -1,524 BTC. This indicates that the number of withdrawals surpassed the new coins being minted.

Upcoming Bitcoin Halving

Bitcoin is set to undergo a halving event in April. This will result in a reduction of miner rewards from 6.25 BTC to 3.125 BTC per mined block. Market analysts foresee that this halving could incite a supply shock, with bitcoin's price potentially soaring to $160,000.

Read More:

Upcoming Bitcoin Halving and Implications for Efficient Miners

Edited by Jonathan Stoker