According to statistics from CryptoQuant, 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.The quantity of coins kept in the wallets of associated miners is measured by their miner reserves.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, which is equivalent to almost $129 million, in a post on the social media site X.The price of the cryptocurrency is at $42,891, down from its peak of $43,710 yesterday.
According to data, on December 28, the net flow of bitcoin was minus 1,524 BTC, indicating that withdrawals outweighed coin issuance.April will witness a halving of Bitcoin, bringing the block rewards for miners down from 6.25 BTC to 3.125 BTC.Experts believe that the halving will result in a supply shock, with bitcoin perhaps rising to $160,000.