Bitcoin Miner Reserves Drop To June 2021 Levels, What This Means For Price
Summary
Bitcoin miners have reduced their reserves by 14,000 BTC since the beginning of 2024, selling over $600 million worth of BTC. This drop in reserves to 1.8 million BTC is the lowest since June 2021. Miners are selling to bolster their balance sheets ahead of the upcoming halving in April 2024, which will reduce block rewards to 3.125 BTC. This selling has coincided with Spot Bitcoin ETF issuers accumulating over 657,000 BTC. The current BTC price is around $42,933, with $43,000 being a key resistance level.
