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.
