According to Cointelegraph, Bitcoin (BTC $42,555) miners sold more than 10,000 Bitcoin on January 17, 2024. It is believed this has registered the largest daily decline in miner reserves in over a year.
With insights from CryptoQuant, an on-chain analytics provider, Bitcoin miner reserves declined by 10,233 BTC on January 17, 2024, which is roughly $450 million at current prices.
Miners are expected to go through phases of accumulation and selling. According to a 2023 Bitfinex report, miners started collecting Bitcoin around mid-2023 when prices and profitability were lower, added Cointelegraph.
Furthermore, the data also mentioned that Bitcoin miner reserves are at their lowest levels since July 2021 at 1.83 million coins. However, it is expected to be a substantial stash valued at approximately $78 billion, concluded Cointelegraph.
(With insights from Cointelegraph)
