The reserves of digital gold at the disposal of miners have decreased to the levels of July 2021, shared observations from CryptoQuant analytics.
Data: CryptoQuant.
“Over the past two days, miner reserves have fallen by more than 14,000 BTC, approximately $600 million,” experts noted.
Selling pressure following approval of spot ETFs largely driven by digital gold miners, says Bitfinex reported.
According to analysts, miners are motivated to sell in preparation for the upcoming halving. The latter will reduce the block reward by half and therefore reduce the profitability of digital gold mining in the short term.
“The current sales provide capital for infrastructure upgrades and are a reminder of the significant impact miners have on market liquidity and pricing,” the experts added, warning that further liquidation of reserves is imminent.
At the time of writing, Bitcoin is trading around $43,100 (+1.1% over the last 24 hours), according to CoinGecko.
Previously, popular blogger PlanB suggested that after the upcoming halving, Bitcoin will become scarcer than gold and real estate, and its price will reach $500,000.
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2024-02-06 17:29:32
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