Bitcoin miner reserves have been steadily falling since mid-2024, suggesting increased selling pressure even as Bitcoin's price rises.
Miners Selling More Bitcoin
The trend of declining Bitcoin miner reserves indicates that many miners are opting to sell Bitcoin rather than hold onto it. This trend could be attributed to profit-taking or the need to cover operational costs. Despite the price rally in late 2024 and early 2025, reserves remain low, indicating ongoing selling.
Decline in Miner Outflows
Data from IntoTheBlock shows a significant decline in miner outflows over the past few months. In the last week, outflows decreased by 42.83%, and over the past 90 days, they fell by 68.55%. This reduction in selling pressure suggests that miners are holding onto their Bitcoin in anticipation of price increases. However, lower outflows might also mean fewer new Bitcoins are entering the market due to reduced block rewards.
Current Situation and Forecasts
As of the time of writing, Bitcoin's 30-Day Average Hash Rate stands at 799.74 million TH/s. The rising hash rate reflects strong mining participation and network security. Despite recent declines, the overall trend continues to point upward, indicating ongoing network strength. Bitcoin trades at $83,163.55, with a 24-hour trading volume of $23.21 billion. Investors are closely monitoring whether miners will continue to sell or hold their Bitcoin. If reserves begin to increase, it could indicate confidence in future price growth. However, if selling resumes, Bitcoin may face renewed downward pressure.
The decline in Bitcoin miner reserves signals significant shifts in the cryptocurrency market, warranting close attention from market participants. Their future actions could greatly influence Bitcoin's price movements.
