The volume of miner reserves has decreased to 1.81 million BTC, falling below 2021 levels, according to CryptoQuant data.

The reduction in miner reserves increases the supply of bitcoin on the market, which could potentially negatively impact its price. However, despite the decline in reserves since October 2023, the price of bitcoin has risen by approximately 150%.

Despite the bitcoin sales, the dollar value of miner reserves remains at a record high of around $130 billion.

CryptoQuant data also shows that the volume of over-the-counter (OTC) sales by miners has reached its highest level since March 2024.

Analysts at Santiment note that investors are "mostly scared and not interested in bitcoin" as prices fluctuate between $65,000 and $66,000.

At the time of writing, bitcoin is trading at $66,100, recovering by 1.5% over the past day.

Earlier, CryptoQuant analysts predicted a drop in bitcoin to $60,000 if it breaks the $65,800 level. They believe that the closing of arbitrage trades by traders has increased the pressure on the asset's price.

Additionally, Glassnode noted that decisive price movement in either direction is needed to exit range trading.

It is worth mentioning that Bernstein predicted bitcoin could reach $200,000 by the end of 2025, based on expectations of "unprecedented demand for spot exchange-traded funds."