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

Odaily News According to data compiled by CryptoQuant, Bitcoin’s miner reserves (unsold Bitcoins held in digital wallets associated with the company) have decreased by 8,400 since the beginning of 2024 to 1.8 million in June 2021. lowest since last month. 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.” In addition, data shows that since the ETF was approved, 3,617 Bitcoins have been transferred from miner wallets to exchanges. On February 1, there was a net outflow of 13,542 Bitcoins, which was the largest single-day outflow since December 2020. (Bloomberg)