Bitcoin miner reserves have decreased by 8,400 coins year to date, the lowest since June 2021

Bitcoin’s miner reserves — unsold bitcoins held in digital wallets associated with companies — have fallen by 8,400 since the start of 2024 to 1.8 million as of June 2021, according to data compiled by CryptoQuant Lows. Analysts said the drop indicated miners were selling Bitcoin. Matthew Sigel, head of digital asset research at VanEck, said: “Miners have begun selling more tokens to improve their balance sheets and fund growth capital expenditures in anticipation of the difficult period when profit margins will be halved in April. After the halving, scale will become even more important.” Additionally, data shows that 3,617 Bitcoins have been transferred from miner wallets to exchanges since the ETF was approved. On February 1, there was a net outflow of 13,542 Bitcoins, the largest single-day outflow since December 2020. (Bloomberg)