Bitcoin miners have unleashed an intriguing trend in the crypto market, showing a significant decline in their BTC reserves.
According to data from CryptoQuant, miners reserves have reached their lowest point since May, indicating notable activity in the transfer of Bitcoin from miners wallets to exchanges.
This move has totaled around 3,000 BTC sold in the last 24 hours, valued at approximately $129 million at current prices of around $42,890 per Bitcoin.
The downward trend in miners reserves has raised concerns about possible selling pressure in the market.
This decline has accelerated this month, evidencing a clear pattern of significant capital movements by miners, which could influence the price of Bitcoin in the short term.
Yesterday, December 28, Bitcoin net flow showed a deficit of 1,524 BTC, indicating that withdrawals exceeded the amount of new coins mined.
This dynamic reinforces the idea that miners are driving selling rather than accumulating at the moment.
An additional factor that adds anticipation to the outlook is the next Bitcoin Halving scheduled for April.
During this event, rewards for miners will be halved, which has historically triggered a supply shortage.
Analysts predict that this event could cause a significant decrease in the supply of Bitcoin and consequently increase its value.
Some optimistic projections suggest that the price of Bitcoin could reach $160,000
While the massive sell-off of the asset by miners raises questions about the short-term behavior of the market, experts maintain a more optimistic outlook in the medium term.
They see the upcoming halving as an event that could be a catalyst for a significant increase in BTC value, supported by a historical track record of supply shortages and subsequent price increases.
The reduction in Bitcoin reserves by miners points to possible selling pressure, while expectations regarding the 2024 halving raise an atmosphere of anticipation for possible changes in the value of Bitcoin in the coming months.