Posted 12/29/2023, 2:13:00 PM
Bitcoin Miners' Reserves Drop to Lowest Since May as Selling Pressure Mounts Despite Price Gains
- Crypto miners' bitcoin reserves dropped to lowest level since May following withdrawals this week
- Decline signals mounting selling pressure as bitcoin posts 13% December gain
- Miners began balancing books in late October; reserves now 1.832 million BTC held by miners
- Miners sold 3,000 bitcoin (BTC) over past 24 hours, worth around $129 million
- Analysts predict bitcoin halving in April will cause supply shock, with bitcoin potentially reaching $160,000