Despite Bitcoin’s recent recovery above $43,000, on-chain data reveals that miners are actively offloading their BTC holdings, potentially signaling a selloff ahead of the upcoming halving event in April. The “miner reserve,” a metric tracking the total BTC held in miners’ wallets, has experienced a notable decline, indicating a potential increase in selling pressure. Over the past two days, miner reserves have dropped by more than 14,000 BTC (approximately $600 million), reaching their lowest level in nearly three years.
While various reasons may prompt miners to move significant amounts of Bitcoin, selling appears to be a prominent factor behind the recent decline in reserves. The increased “interaction on exchange by miners” in recent weeks, particularly since the initiation of spot ETF trading in the US, supports the notion of heightened selling activity. The Bitcoin price, currently hovering just above $43,100, has shown resilience, experiencing a modest 0.1% decrease at the time of writing. Despite short-term fluctuations, Bitcoin maintains its status as the largest cryptocurrency with a market capitalization of around $846 billion.
