Miners’ Bitcoin Stash Dwindles to Levels Unseen Since Satoshi Era

The diminishing miner reserves can be attributed to several factors, one of them being the increasing cost of mining operations and the demand for selling mined bitcoins at profitable prices.

As the mining difficulty continues to rise, miners are incentivized to offload a portion of their holdings to sustain their operations and subsequently reinvest in more efficient mining hardware.

‘Stubbornly Bullish’ Market
Bitcoin dipped to $69,200 on Tuesday as investors took profits after the leading cryptocurrency briefly surpassed the $70,000 mark late Monday. Price movements across major cryptocurrencies were mixed.
According to a report released by crypto exchange Bitfinex on Monday, the decline in bitcoin’s value since March was likely driven by long-term holders selling their stash. However, blockchain data indicates that this trend has stalled, and investors have again switched to accumulation mode.
An earlier report by CryptoQuant stated that 50% of the long-term bitcoin supply was “inactive,” meaning there were no movements or changes in holdings across tracked wallets. This lack of activity can be considered as a sign of strong long-term conviction, which may signal further price increases.