Bitcoin Miner Reserves Hit New Low as Sell-Offs Increase

• Bitcoin miner reserves hit new low, selling pressure increases.
• Miners sold 3,000 BTC, Bitcoin’s value dips slightly to $42,090.
• Analysts predict $160,000 Bitcoin price post-April halving supply shock.

Information provided by CryptoQuant indicates that the bitcoin reserves held by miners have reached a new low, a level previously observed in May, following a series of withdrawals in the past week. This trend implies a growing tendency to sell as Bitcoin experiences an increase of more than 13% in December.

The aggregate quantity of coins held in the wallets belonging to miners is referred to as miner reserves. When these coins are moved to cryptocurrency exchanges, possibly to be sold, their worth diminishes.

Withdrawing Profit

Additionally, reserves began to decline towards the end of October, and the decrease has picked up this month due to miners beginning to reconcile their accounts. Following a high of 1.845 million BTC in October, the reserves held by miners have diminished to 1.832 million BTC.

In the past day, miners have offloaded 3,000 bitcoins , valued at approximately $129 million, as reported by AliCharts via a Twitter update. The digital currency, which hit a peak of $43,710 the previous day, is currently valued at $42,090, representing a decline of 0.95% over the past 24 hours, based on figures from CoinMarketCap.

Statistical data indicates that on December 28th, there was a net outflow of 1,524 BTC, indicating that the amount of Bitcoin withdrawn exceeded the amount created. In April, the reward for Bitcoin miners will decrease by 50%, dropping from 6.25 BTC to 3.125 BTC per block. Analysts predict that Bitcoin’s price could reach $160,000 as they expect a supply shock resulting from the halving event.