According to BlockBeats, data indicates a significant decrease in the number of Bitcoins being withdrawn from miner-associated wallets. Since the halving, the daily amount of Bitcoin extracted from these wallets has plummeted from over 50,000 to less than 10,000, marking an 85% drop.
CryptoQuant, an on-chain analysis platform, suggests that the selling pressure from miners is 'weakening'. This decrease in Bitcoin withdrawals could potentially indicate a shift in miner behavior, possibly due to the halving event. The halving, a pre-programmed event in Bitcoin's code, reduces the reward for mining new blocks by 50%. This event, which occurs approximately every four years, last took place in 2020.
The reduction in Bitcoin withdrawals from miner-linked wallets could be a response to this decrease in mining rewards. As the reward for mining new blocks is halved, miners may be choosing to hold onto their Bitcoin, rather than selling it, leading to a decrease in selling pressure. This shift in behavior could have significant implications for the Bitcoin market, potentially leading to a decrease in supply and an increase in price.
