Bitcoin miner balances have been steadily declining since late 2023, hitting multi-year lows as sell-offs increased after the April 2024 halving.
According to #Glassnode data, balances dropped from 1.84 million #BTC in early 2023 to 1.8 million $BTC
by May 2024. This trend highlights miners' need to cover operational expenses following reduced block rewards.
