Bitcoin miner OTC selling remains high as reserves drop to multi-year low: CryptoQuant | Headlines | News | CoinMarketCap
06/20/2024 17:39
Bitcoin miner reserves have plummeted to lows not seen since 2021, according to CryptoQuant data. Miner reserves reveal the amount of bitcoin held …
The Block Crypto News12 minutes ago
Published on June 20, 2024 10:26 GMT+00:00edited on June 20, 2024 10:31 GMT+00:00
Bitcoin miner reserves have plummeted to lows not seen since 2021, according to CryptoQuant data.
Miner reserves reveal the amount of bitcoin held by affiliated miner wallets, the value indicates the reserve that miners have yet to sell. Data shows that current miner reserves are around 1.82 million bitcoins after starting the year with approximately 1.87 million bitcoins.
Miner reserves have dropped to a multi-year low. Image: CryptoQuant.
When miners start selling, it increases supply and has the potential to cause price depreciation, depending on the demand for the digital asset. However, CryptoQuant charts show that miner reserves have been falling since October 2023, while the price of bitcoin has increased by 150% during the same period.
Also, according to CryptoQuant …