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Bitcoin miner reserves have decreased to approximately 1.82 million bitcoins, with the daily volume of BTC miner over-the-counter sales reaching its peak since March. This decline in reserves may impact the cryptocurrency’s price as supply increases.
Introduction
According to data from CryptoQuant, the reserves held by Bitcoin miners have dropped to levels not seen since 2021. The decreasing reserves, currently at 1.82 million bitcoins from an initial 1.87 million, signify a potential shift in the market dynamics.
Main Points
As miner reserves decline, the selling of bitcoins could affect the asset’s price due to increased supply, despite a 150% price surge since October 2023. The daily volume of miner OTC sales has surged to its highest point since March, reflecting ongoing market fluctuations.
The rise in bitcoin prices has led to miner holdings exceeding $135 billion, despite dwindling reserves, indicating a persistent interest in the digital asset. On-chain metrics reveal retail investor apprehension amidst the current market conditions, while experts suggest patience as a key strategy.
Conclusion
In conclusion, the drop in miner reserves coupled with increased OTC sales signifies a challenging phase for the bitcoin market. Despite market uncertainties, maintaining a strategic approach and leveraging insights from platforms like CryptoQuant and Santiment can help navigate the evolving cryptocurrency landscape.
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