Miners’ Bitcoin Holdings at 12-Year Low
Before the recent halving event, Bitcoin’s price took a dive towards $60,000. On-chain data suggests that miners may have played a role in this price dip.
Data shows that miners have been selling their Bitcoin holdings in the lead-up to the halving. As of now, miners’ collective BTC reserves have fallen below 1.9 million BTC, the lowest level in 12 years.
Outflows Linked to Bitcoin ETFs
This outflow of Bitcoin from miners’ wallets may be linked to increased demand from Bitcoin ETF wallets. These wallets now control over 4.27% of the total circulating supply.
Miners as Net Sellers
As the halving approached, miners became net sellers, contributing to Bitcoin’s stagnation between $65,000 and $70,000. The influx of BTC into the market from miners’ wallets may have caused the crash to $60,000.
What’s Next?
Miners selling their holdings before a halving is not uncommon. However, the persistent selling pressure may have contributed to Bitcoin’s price drop.
Bitcoin is currently trading at $64,978 after rebounding from $60,000. The halving has been completed, and the industry is watching closely to see how it affects the price in the coming months.
Halving’s Impact on Miners
The halving is a balancing act for miners. While their revenue is cut in half, the reduced Bitcoin supply and potential price increase could offset some losses over time. Reports suggest that miners could sell up to $5 billion worth of BTC after the halving, potentially driving the price down to $52,000.
