In a worrying trend, bitcoin miners’ reserves are hitting a low not seen since April 2021, CryptoPotato reports. This is evident from recent on-chain figures from CryptoQuant.

Bitcoin miners’ reserves historically low

Miners in particular, as well as short-term holders of Bitcoin, sold some of their holdings, which is one of the many reasons why the price fell below $61,000. According to the latest analysis from CryptoQuant, there has been a significant decline in mining company reserves, reaching the lowest level since April 2021. It means that these companies are exchanging bitcoin for cash in the run-up to the halving in a few weeks.

Another “worrying trend” is that the number of active addresses this month could not keep up with rising bitcoin prices. Profit realization among short-term holders may indicate a crucial turning point in the price trajectory. In 2024, retail and institutional investors piled into Bitcoin ETFs, leading to a surge that pushed prices above $74,000. However, in the past week, Bitcoin has plunged sharply by 17.5%. This led to a lot of paper losses, but also to hundreds of millions in liquidations on the futures market.

More than 93% of all bitcoins have already been mined in the run-up to the expected fourth halving, which will take place sometime in the third week of April. After the halving, the miners mined approximately 450 bitcoins in one day, now the total is approximately 900.

Door: Wessel Simons

Wessel is a seasoned expert in the Dutch and international bitcoin and crypto world, with more than eight years of experience. He has built up broad expertise in all facets of the crypto market, with a particular focus on industry news and on-chain analysis. His deep knowledge and analytical skills enable him to decipher complex market data and share valuable insights with his audience. In addition to his professional activities, Wessel has a great passion for music and sports. He enjoys spending time outside the digital world and is an avid attendee of concerts and sporting events. This love for live events reflects his need for direct experiences and interaction with the world around him. Wessel is also someone who values ​​spending time with his family and friends. Whether it’s a spontaneous trip or a planned vacation, he cherishes these moments and sees them as an essential part of his life. These outings not only provide him with relaxation and fun, but also strengthen his bonds with his loved ones. His colleagues and acquaintances in the crypto industry especially appreciate Wessel for his hands-on mentality and reliability. He is known for his ability to deliver excellent work both independently and in a team, always striving to achieve concrete results. His pragmatic approach and dedication make him a valuable player in every project. Wessel’s reliability is another characteristic that sets him apart. In an industry that can sometimes be unpredictable and volatile, his steadfastness and integrity provide a rock-solid foundation for his colleagues, readers and followers. His ability to provide consistent and reliable analysis has made him a respected voice in the community. In summary, Wessel combines his extensive knowledge of the crypto market with a rich personal life full of music, sports and family. His hands-on mentality and reliability make him not only an expert in his field, but also a valued member of every community he is part of.

View all posts by Wessel Simons

Source: https://bitcoinmagazine.nl/nieuws/bitcoin-miners-nemen-fors-winst-reserves-op-laagste-punt-sinds-april-2021



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