$BTC miner balances have been steadily declining since late 2023, hitting multi-year lows as sell-offs increased after the April 2024 halving.

According to Glassnode data, balances dropped from 1.84 million BTC in early 2023 to 1.8 million $BTC by May 2024. This trend highlights miners' need to cover operational expenses following reduced block rewards.

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