PANews reported on June 20 that according to Cointelegraph, data from IntoTheBlock showed that the number of bitcoins held by miners has fallen to the lowest level in more than 14 years. On June 19, miners' reserves fell from 1.95 million bitcoins at the beginning of the year to 1.9 million bitcoins, the lowest level since February 2010. It is worth noting that despite the decrease in the number of bitcoins held by miners, mining reserves measured in US dollar value have remained at an all-time high of about US$135 billion. This shows that the dollar value of Bitcoin mining companies on their balance sheets has actually increased.
Lucas Outumuro, head of research at IntoTheBlock, said that with the impact of the halving of Bitcoin rewards on miners' profits, miners are expected to hold fewer Bitcoins and be more likely to sell their reserves. Although this trend has been relatively slow in history and has not yet constituted a major selling pressure, it has attracted market attention. Sascha Grumbach, CEO of crypto mining company Green Mining DAO, believes that today's miners have learned lessons from past experience and no longer over-leverage and hold too much Bitcoin. He emphasized that at the current market stage, the reduction in the number of Bitcoins is a normal market adjustment.
