According to "The Block", data from blockchain data analysis company CryptoQuant shows that Bitcoin (Bitcoin) miner reserves have dropped to a new low since 2021.
Miner reserves reveal the number of Bitcoins held in wallets associated with a miner, and this value represents the miner’s reserves that have not yet been sold. Data shows that miners’ Bitcoin reserves totaled about 1.87 million at the beginning of this year, but have now dropped to about 1.82 million.
Source: CryptoQuant
When miners start selling, the Bitcoin supply will increase and potentially cause the price to fall, depending on the demand for the digital asset. However, CryptoQuant’s chart shows that miner reserves have been declining since October 2023, while the Bitcoin price has increased by 150% during the same period.
Additionally, OTC selling volumes by Bitcoin miners recently increased to their highest daily levels since March, according to CryptoQuant data.
Source: CryptoQuant
Despite miners' reserves hitting multi-year lows, the value of miners' holdings in dollar terms remains at an all-time high of about $135 billion as Bitcoin prices have risen in recent months.
Stay patient in market downturns
According to blockchain analytics platform Santiment, on-chain indicators show that retail investors are “primarily fearful or uninterested in Bitcoin as the price fluctuates between $65,000 and $66,000.” The platform added that patience will pay off amid the current market downturn.
Santiment said on the X platform:
“This level of sustained FUD is rare as traders continue to capitulate. Bitcoin trader fatigue, combined with whale accumulation, often leads to rallies that reward the patient.”
Source: Santiment
This article CryptoQuant: Bitcoin Miner Reserves Drop to Multi-Year Lows, OTC Sell-Off Remains High originally appeared on Zombit.
