Bitcoin Miners’ Reserves Fall to Lowest in 3 Years

On Monday, February 5, Bitcoin dropped to $42,896. Despite its attempts to reach $44,000 at the end of last week, the largest cryptocurrency was unable to find enough support.

This bearish trend was further reinforced by a sell-off initiated by miners, who have been selling off their BTC holdings for the past few weeks.

According to a report from CryptoQuant, mining pool reserves have reached their lowest level since July 2021. In just the past two days alone, over 14,000 Bitcoins were transferred from wallets associated with mining companies to exchanges.

Analysts have noted a consistent decline in these reserves since August 2022. The most significant outflow of cryptocurrency occurred at the end of 2023 through the beginning of 2024.

This uptick in sales by miners indicates their preparations for the upcoming halving event, which is set to occur at the end of April.