- Data suggests that miner reserves are now around 1.82 million bitcoins.
- The daily volume of BTC miner OTC sales has hit its highest point since March.
According to statistics compiled by CryptoQuant, the reserves held by Bitcoin miners have fallen to levels not seen since 2021. The value of the reserve that miners have not yet sold reveals the amount of bitcoin held by linked miner wallets; the quantity itself represents the reserve. After beginning the year with roughly 1.87 million bitcoins, data suggests that miner reserves are now around 1.82 million bitcoins.
Depending on the demand for the digital asset, the price of the asset might fall when miners begin selling, since it increases supply. The price of bitcoin has climbed by 150% since October 2023, according to CryptoQuant data, yet miner reserves have been declining over the same time.
Struggling Phase
Not only that, but the daily volume of bitcoin miner over-the-counter sales has hit its highest point since March, according to statistics from CryptoQuant.
As a result of the recent price rise of bitcoin, miner holdings measured in US dollars have stayed around an all-time high of over $135 billion, even while miner reserves reached multi-year lows.
As bitcoin prices hover around $66,000, Santiment asserts that on-chain metrics show that retail investors are mostly scared or uninterested in the cryptocurrency. Even if the market is now in a depression, the Blockchain intelligence platform continued by saying that patience will pay off.
According to Santiment’s X article, prolonged levels of fear, uncertainty, and doubt (FUD) are unusual since traders keep giving in, and rebounds that benefit the patient are usually the result of bitcoin trader exhaustion and whale accumulation.
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