Bitcoin miner reserves have plummeted to lows not seen since 2021, according to CryptoQuant data. The current miner reserves stand around 1.82 million bitcoins, down from approximately 1.87 million bitcoins at the start of the year.
This drop in miner reserves indicates that bitcoin miners have been actively selling their holdings. CryptoQuant data also shows that the over-the-counter (OTC) selling of bitcoin miners has increased to its highest daily volume since late March.
Key Highlights:
- Bitcoin miner reserves have plummeted to multi-year lows, reaching levels not seen since 2021.
- Miner OTC selling has increased to its highest daily volume since late March.
- Despite the drop in miner reserves, the value of their bitcoin holdings has remained near all-time highs due to the recent price surge.
- On-chain data suggests retail investors are “mainly fearful or disinterested” towards bitcoin, but patience is advised as trader fatigue and whale accumulation often precede price bounces.
- The overall cryptocurrency market has seen a slight 0.5% increase in the past 24 hours, with Bitcoin gaining 0.6% and trading at $65,601.
Miner Selling Amid Bitcoin Price Surge
Despite the decline in miner reserves, the value of their bitcoin holdings has remained around an all-time high of approximately $135 billion. This is due to the recent 150% increase in Bitcoin’s price since October 2023.
“Patience will be rewarded amid the present market doldrums.”
- Santiment, Blockchain Intelligence Platform
On-chain metrics from Sentiment suggest that retail investors are currently “mainly fearful or disinterested toward Bitcoin” as the price ranges between $65,000 and $66,000. The platform advises that patience will be rewarded in the current market conditions, as trader fatigue and whale accumulation often precede price bounces.
Cryptocurrency Market Outlook
Bitcoin has gained around 0.6% in the past day, trading at $65,601 as of 4:42 a.m. ET. The overall cryptocurrency market capitalization has experienced a slight 0.5% increase in the past 24 hours, now standing at $2.5 trillion.
