Bitcoin Miners’ Reserves Hit Record Low Amid Selling Surge

• Miner reserves are the total amount of coins kept in the wallets of the associated miners.
• After reaching a peak of 1.845M BTC in October, miners’ reserves have dropped to 1.832M.

Data from CryptoQuant reveals that miners’ bitcoin reserves hit a new low which was last seen in May after a wave of withdrawals this week, suggesting increasing selling pressure as Bitcoin achieves a gain of over 13% in December.

Miner reserves are the total amount of coins kept in the wallets of the associated miners. As the coins are transferred to cryptocurrency exchanges, maybe in anticipation of a sale, their value decreases.

Cashing Out Profit

Moreover, reserves started to fall in late October, and this month they have accelerated as miners have started to balance their books. After reaching a peak of 1.845 million in October, miners’ reserves have since dropped to 1.832 million BTC.

Miners have sold 3,000 bitcoin in the last 24 hours, worth roughly $129 million, according to a post by AliCharts on twitter. After reaching a high of $43,710 yesterday, the cryptocurrency is now trading at $42,090, down 0.95% in the last 24 hours as per data from CoinMarketCap.

According to the statistics, on December 28th, the net flow of bitcoin was negative 1,524 BTC, which means that more coins were taken out than minted. The miner payouts for Bitcoin will be cut in half in April, going from 6.25 BTC per block to 3.125 BTC. Bitcoin might hit $160,000, according to analysts, who anticipate a supply shock due to the halving.

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