Miner reserves have been reduced by 8,400 Bitcoins since the beginning of 2024
According to data compiled by CryptoQuant, miner reserves (unsold bitcoins held in company-related digital wallets) have decreased by 8,400 bitcoins since early 2024, dropping to 1.8 million, the last time this level was seen was in June 2021. Analysts say this decline indicates that miners are selling tokens.
Matthew Sigel, head of digital asset research at VanEck, said miners have started selling more tokens to improve their balance sheets and provide funds for capital spending to cope with the difficult period of reduced profitability caused by the overall halving of rewards in April, after which scale will become even more important.
According to CryptoQuant, since the ETF was approved, a net 3,617 bitcoins have been transferred from miner wallets to exchanges. On February 1, a net outflow of 13,542 bitcoins was recorded, the largest single-day outflow since December 2020.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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