Bitcoin Miners’ Holdings Hit 12-Year Low Before Halving
The price of Bitcoin has seen a drastic fall towards the $60,000 mark in the days leading up to the just concluded halving event. On-chain data has revealed that miners have been selling their holdings, resulting in the collective BTC reserve hitting a 12-year low.
According to on-chain analytics platform IntoTheBlock, miners’ Bitcoin holdings have dropped below 1.9 million BTC, the lowest in over 12 years. This trend of outflows from miner wallets has been ongoing since the beginning of the year, with increased demand from Bitcoin ETF wallets potentially playing a role.
The selling pressure from miners has contributed to Bitcoin’s stagnant price range between $65,000 and $70,000 in recent weeks. The market was flooded with BTC, leading to a crash to $60,000. However, Bitcoin has since rebounded to $64,978, up 8% after hitting the $60,000 mark.
The completion of the fourth Bitcoin halving event has left the industry looking forward to its effects over the coming months. While miners may face reduced revenues initially, the reduced Bitcoin supply and potential price increase could help offset some of the losses over time.
Overall, the market is anticipating the impact of the halving on Bitcoin’s price, with some reports suggesting that miners could sell up to $5 billion worth of BTC post-halving, potentially causing the price to fall to $52,000. As the industry continues to monitor the situation, Bitcoin remains a focal point for investors and enthusiasts alike.
