BTC Miners Sell $172 Million as Reserves Drop

BTC miners’ reserves have significantly decreased recently. They have declined by 6,145 BTC in just one week, and during that time, miners have sold BTC worth approximately $172,060,000.

BTC miner reserves were at 1,834,664 on April 18, 2023, but have since dropped to 1,828,519, as per Ali’s observation. This drop in reserves comes as Bitcoin experienced a 4,09% price increase in the last 24 hours, with the cryptocurrency now trading at $28,399.93.

Bitcoin miner reserve (Source: CryptoQuant)

Despite the recent increase, Bitcoin’s weekly performance remains in the red, as it is still down by more than 5% over the last seven days. However, the crypto leader managed to strengthen against its biggest competitor, Ethereum (ETH), by about 1,49% since yesterday.

Bitcoin’s 24-hour trading volume has risen by more than 15%, reaching $18,812,481,387. In terms of market cap, BTC currently stands at $549,939,491,232. The recent developments showcase a dynamic market with miners taking advantage of price fluctuations while the crypto leader’s value sees an upward trend.