‼️ Bitcoin Miner Reserves at 14-Year Low: Massive Selling Pressure Before Halving‼️
Bitcoin miners' reserves have fallen to their lowest level in the last 14 years. Starting from the beginning of 2024, miners sold their Bitcoins, reducing their reserves to 1.83 million BTC. Miners sold 10,000 BTC (about $450 million) in a single day in January, adding to the recent massive selling pressure. These sales were made to ensure miners' cash flow and to invest in new mining equipment before the halving.
The Bitcoin halving event will cause a massive drop in mining revenues as miners will halve their block rewards (from 6.25 BTC to 3,125 BTC). Therefore, miners aim to increase their competitiveness by investing in more efficient mining devices. However, this can be particularly challenging for smaller mining operations and could lead to them leaving the market or being acquired by larger players.
In the meantime, spot Bitcoin ETF issuers continue to accumulate BTC for their clients and currently hold a total of 657,000 BTC. This creates significant demand in the market and supports the price of BTC