Bitcoin reserves held by crypto miners have reached their lowest point since May, as a series of withdrawals suggest increasing selling pressure on the largest cryptocurrency.
According to data from CryptoQuant, miner reserves, which measure the number of coins held in miners’ wallets, have dropped to 1.832 million BTC, marking a decline from October’s peak of 1.845 million BTC.
Over the past 24 hours, miners reportedly sold 3,000 bitcoin (BTC), amounting to approximately $129 million, while Bitcoin’s current trading value stands at $42,891.
The net flow of bitcoin on December 28 indicated a withdrawal exceeding newly minted coins, reflecting the ongoing trend. With Bitcoin set to undergo a halving in April, reducing miner rewards, analysts anticipate a potential supply shock, with Bitcoin’s value reaching an estimated $160,000.