CryptoQuant Reveals Bitcoin Miner Reserves Plunge Ahead of Halving

Amidst a backdrop of market recovery, Bitcoin’s price resilience is facing a potential risk from within its own ranks as miner reserves plummet to levels unseen since mid-2021. CryptoQuant’s pulse on the blockchain reveals a staggering $600 million worth of Bitcoin was sold off by miners in just 48 hours, with over 14,000 BTC leaving their coffers, marking a continuation of a downtrend in miner reserves that began last August, according to Bitcoininsider.

The significance of this depletion cannot be overstated as it hits a nearly three-year low. A notable uptick in miners transferring Bitcoin to exchanges, intensifying since the US’s initiation of spot ETF trading. This shift towards exchanges typically precedes a selloff, as CryptoQuant’s “Miner to Exchange Flow” corroborates with its recent increase.

Interestingly, these large-scale miner sell-offs have historically not swayed Bitcoin’s price significantly, thanks to the market’s absorption capacity.