Bitcoin miner reserves drop by $58m in four days
On-chain data shows that bitcoin miners’ BTC reserves have dropped significantly in the past four days, with miners selling over 2,000 BTC worth $58 million.
According to CryptoQuant on-chain data posted on Twitter by crypto sleuth @ali_charts, bitcoin miners have sold their coins in the last four days, triggering a steep drop in their BTC reserves.
Bitcoin miners reportedly sold approximately 2,000 BTC valued at around $58 million in the past four days.
Interestingly, the post has attracted mixed reactions from observers. Twitter user @jimmyvs24 argues that the drop in miners’ reserves may not necessarily result from massive selloffs, as miners-to-exchange transactions are at YTD lows.
BTC price dips to $28,250
Having hit a high of $31,000 for the first time in as many months on April 14, the price of bitcoin has been struggling to reenter that price region.
On April 24, the world’s flagship cryptocurrency temporarily crashed to as low as $26,942 before returning to hit the $30,036 area on April 26.
However, at the time of writing, bitcoin (BTC) is exchanging hands for $28,639.41, representing a 2.2% decline in the 24-hour timeframe, according to CoinGecko.