According to The Block, data from blockchain data analysis company CryptoQuant shows that Bitcoin miners’ reserves have dropped to a new low since 2021.
Miners’ reserves reveal the amount of Bitcoin held in wallets associated with miners, indicating reserves that miners have not yet sold. Data shows that miners’ Bitcoin reserves totaled around 1.87 million coins at the beginning of this year, but have now dropped to about 1.82 million coins.
When miners start selling, the Bitcoin supply will increase, potentially leading to a price drop depending on the demand for the digital asset. However, CryptoQuant’s chart shows that miners’ reserves have been declining since October 2023, while the price of Bitcoin has risen by 150% during the same period.
Furthermore, according to CryptoQuant’s data, Bitcoin miners’ OTC selling volume has recently increased to the highest daily level since March.
Despite miners’ reserves hitting a multi-year low, the value of miners’ holdings in US dollar terms remains at around $135 billion, thanks to the recent increase in the price of Bitcoin.
Maintaining patience in a bear market
According to blockchain analytics platform Santiment, on-chain indicators show that retail investors are “largely fearful or uninterested in Bitcoin as the price fluctuates between $65,000 and $66,000.” The platform adds that in the current bear market conditions, patience will pay off.
Santiment stated on X platform:
Source: Santiment
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