According to CryptoQuant’s on-chain data, Bitcoin miners do not continue to sell their reserves. The data indicated that the amount of BTC held by miners has decreased by only 12,755 BTC since November 28, 2023, which is not significant compared to the total supply.
In the news in the media and in the shares of analysts; It was claimed that miners were selling their Bitcoin holdings to cope with market headwinds such as falling prices, rising energy costs and increased competition. However, CryptoQuant’s data shows that these claims are false and based on misleading interpretations of miner flows.
CryptoQuant’s data shows that while there have been some large outflows from miners’ wallets in recent months, there have also been significant inflows balancing these movements. On January 15, 2024, there was an outflow of 2,000 BTC from one miner’s wallet, but on the same day, there was an inflow of 2,500 BTC into another miner’s wallet. This means that the net change in miner reserves that day was actually 500 BTC positive.
As we reported as Koinfinans.com, the assets held by Bitcoin miners have remained stable for a while. Although miners were expected to sell to cover costs with the upcoming halving, expectations did not come true.
According to CryptoQuant, the current level of miner reserves is 1,833,222 BTC, which is only 0.69% lower than the level of 1,845,997 BTC on November 28, 2023. This difference of 12,755 BTC amounts to only 0.07% of the total Bitcoin supply, which currently stands at 18,635,000 BTC. Therefore, the impact of miner sales on the market is negligible and does not explain Bitcoin’s recent price volatility.