CryptoQuant: Miners sold more than 10,000 bitcoins in one day
The trend indicates a shift among miners from accumulation to sales, which usually occurs during periods of rising cryptocurrency prices. According to Bitfinex, miners began accumulating Bitcoin in mid-2023, when prices and profitability were much lower. Currently, the price of BTC is just over $42,000.
Miner reserves are estimated at 1.83 million coins ($78 billion). This is a significant reserve that may affect the future rate of the first cryptocurrency. Over the past year, miner reserves have decreased by 22,800 BTC, according to CryptoQuant. However, the overall reserve ratio has remained relatively stable since the start of 2021.
Investment firm CoinShares has released a new report on Bitcoin mining, predicting an increase in the average cost of mining one BTC after the halving. The company claims that the average cost of producing one Bitcoin will be $37,856, and if the price of BTC falls below $40,000, then only a small group of miners will remain afloat.
