BTC Miners' Reserves Are Shrinking, A Sign Of Falling Prices?


"Miners must want to make a profit too, after halving the reward will decrease again."

As the price of cryptocurrency king Bitcoin (BTC) hovers below $52,000, BTC miners have not hesitated to resume their selling over the past ten days.

Through observation, the dwindling reserves of miners show that 6,329 BTC worth more than $300 million were sold from February 8 to February 18, 2024, which is in less than two weeks.

In January 2024, 10,600 BTC worth $455.8 million were sold by miners in response to a sudden drop in the hashrate of BTC that had an impact on miners' profits.

Then, BTC miners' reserves again suffered a severe decline for two days this month when $600 million worth of BTC was sold and it should be noted that miners may be doing this to balance mining bills, but it is not healthy for traders in the crypto market.

So here it can be seen that continued selling from BTC miners may trigger a BTC price drop as investors get nervous about what the network's validators think of BTC.

Despite this, the positive momentum for the BTC price can continue due to several driving factors, among them the spot BTC ETF and the BTC halving event scheduled to take place in April 2024.

Some crypto market analysts and experts are very optimistic about the price of BTC where a leading digital asset analyst at X called Bitcoin HODL predicts the price will rise to $301,709 before the halving then $603,418 after the event.

There is no denying that the actions of the miners can cause a temporary decline in BTC, but it may not affect the price that much in the long run.