After a wave of withdrawals this week, bitcoin miners’ reserves fell to the lowest level since May, indicating growing selling pressure as the biggest cryptocurrency reports a gain of more than 13% in December, according to data from CryptoQuant.
Their miner reserves measure the quantity of coins kept in the wallets of associated miners. As the coins are transferred to cryptocurrency exchanges, the quantity decreases, maybe in anticipation of a sale.
In late October, miners started to balance their books, and this month has seen an acceleration of the fall in reserves. Miners currently own 1.832 million BTC in reserves, which is less than the 1.845 million peak they had in October.
AliCharts noted that miners had sold 3,000 bitcoin (BTC) in the last 24 hours, equivalent to almost $129 million, in a post on the social media site X. The cryptocurrency’s price is at $42,891, down from its peak of $43,710 yesterday.
According to data, on December 28, there was a net movement of minus 1,524 BTC in Bitcoin, indicating that more money was taken out than was created.
Based on available data, there was a net movement of minus 1,524 BTC in Bitcoin on December 28, meaning that more money was taken out than was in.