The fact that the price of Bitcoin has a negative correlation with miner reserves is another important sign.

As shown in the figure above, miners' reserves tend to decrease as the price of Bitcoin increases, and vice versa. As Bitcoin hit a record high of $74,000, miners sold their holdings in large quantities to cash in on the price spike.



The reserves held by Bitcoin miners have been progressively decreasing since the April halving. Reason being, miners have been selling off part of their Bitcoin holdings to cover expenses as mining has become less lucrative due to the decrease in block rewards.


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