According to data compiled by CryptoQuant, Bitcoin's miner reserves (unsold Bitcoins held in digital wallets associated with companies) have fallen by 8,400 since the beginning of 2024 to 1.8 million, the lowest since June 2021, according to the Daily Planet. Analysts said the decline indicates that miners are selling Bitcoin.
“Miners have started selling more tokens to improve their balance sheets and fund growth capex as profitability gets tougher after the block reward halving in April,” said Matthew Sigel, head of digital asset research at VanEck. “Scaling will become even more important after the halving.”
In addition, data shows that 3,617 bitcoins have been transferred from miner wallets to exchanges since the ETF was approved. On February 1, there was a net outflow of 13,542 bitcoins, the largest single-day outflow since December 2020.
