Crypto Miners' Bitcoin Reserves Reach Lowest Point Since May

According to CoinDesk, crypto miners' bitcoin reserves have reached their lowest point since May, following a series of withdrawals this week. This indicates increasing selling pressure as the largest cryptocurrency records a December gain of over 13%. Miner reserves represent the number of coins held in affiliated miners' wallets, and the number decreases as coins are transferred to crypto exchanges, potentially in preparation for a sale. Miners began balancing their books in late October, with reserves entering a decline that accelerated this month. Currently, 1.832 million BTC are held by miners, down from October's high of 1.845 million. AliCharts reported on social media platform X that miners have sold 3,000 bitcoin (BTC) in the past 24 hours, amounting to approximately $129 million. The cryptocurrency is currently trading at $42,891, down from yesterday's high of $43,710. Data shows that the net flow of bitcoin on December 28 was minus 1,524 BTC, meaning that withdrawals exceeded new coins being minted. Bitcoin is set to undergo a halving in April, which will reduce miner rewards from 6.25 BTC to 3.125 BTC per block. Analysts predict that the halving will cause a supply shock, with bitcoin potentially reaching $160,000.