Bitcoin miners' reserves have reached a 12-year low.

This indicates that in anticipation of the halving, cryptocurrency miners were active sellers.

What could be the reasons?

Mining requires significant investment in equipment, electricity, and other operational expenses. When the block reward decreases, miners may experience pressure on profitability. Selling off could help cover losses and ensure financial stability.

Additionally, portfolio diversification is an important strategy for all market participants, including miners. Since they hold significant amounts of bitcoins, they may decide to diversify their assets by selling some BTC and investing in other cryptocurrencies. This helps reduce risks and distribute investments more evenly.

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