Miner reserves have been bleeding for three straight years, almost without pause, and that's the part of this chart that actually matters more than price. Back in late 2023, miners collectively held around 1.25M BTC. Today that number's 1.192M — a steady, mostly uninterrupted decline through two full market cycles. What makes that notable is the decline didn't track price. It kept dropping through 2024's rally into six figures, kept dropping through the 2025 run to $120K+, and kept dropping through this year's pullback to $63-72K. Miners have been net sellers of their own reserve in bull markets and bear markets alike, which tells you this isn't really a "sell the top" behavior — it's closer to structural. That makes sense mechanically. Post-halving block rewards are smaller, so a growing share of miner revenue comes from transaction fees rather than freshly minted BTC, and operating costs — power, hardware, debt service on ASIC fleets — don't pause for price. Selling reserve to cover fixed costs regardless of where price sits is a survival behavior, not a market call. The interesting wrinkle is the last few months. Reserve's been roughly flat to slightly higher since spring 2026, after years of one-directional decline — the first real stabilization on this chart in a long time. Whether that's miners finally reaching a sustainable equilibrium after squeezing out the marginal operators, or just a pause before the next leg down, isn't clear yet from this alone. But three years of consistent selling finally leveling off is worth tracking, because miner reserve dynamics tend to matter more at turning points than during trends. #Bitcoin Price Prediction: What is Bitcoins next move?# $BTC #Altcoin Season#