{"id":573820,"date":"2024-02-08T00:30:38","date_gmt":"2024-02-08T00:30:38","guid":{"rendered":"https:\/\/ktsl888.com\/?p=573820"},"modified":"2024-06-11T07:25:47","modified_gmt":"2024-06-11T07:25:47","slug":"bitcoin-miner-reserves-june-2021","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-miner-reserves-june-2021\/","title":{"rendered":"Bitcoin Miner Reserves Drop To June 2021 Levels, What This Means For Price"},"content":{"rendered":"

Bitcoin miner reserves<\/a> can often be a tell for where the market could be headed next due to their large holdings. These reserves going up or down can pinpoint how miners are looking at the market, and a drop in their reserves can be bad for the BTC price<\/a>.<\/p>\n

Miners Reserves Drop By 14,000 BTC<\/h2>\n

Bitcoin miners, who are responsible for confirming transactions on the blockchain and keeping the network safe, seem to be turning toward selling rather than accumulating. According to a CryptoQuant report<\/a>, these miner reserves have seen a notable drop since 2024 began.<\/p>\n

Related Reading: PEPE Ready To Make A Comeback? On-chain Indicators Have The Answer<\/a><\/div>\n

Their holdings dropped by 14,000 BTC<\/a> in less than two months, suggesting that these miners have been selling some of their stash. Going by an average price of $43,000 since January 2024, this means that Bitcoin miners have sold over $600 million worth of BTC so far. As a result of this, miner reserves are currently sitting at 1.8 million BTC, which is the lowest level since June 2021.<\/p>\n

Bitcoin miners selling their coins are not new because they often need to sometimes sell to keep their operations running. The most notable costs include electricity, as well as mining machines. However, it does not change the fact that their selling can have an adverse effect on the price of BTC<\/a>.<\/p>\n

This time around, though, miners seem to be selling for an additional reason, which Matthew Sigel, who\u2019s head of digital asset research at VanEck, has identified to be for purposes of bolstering their balance sheets.<\/p>\n

Bitcoin Miners Getting Ready For The Halving<\/h2>\n

The next Bitcoin halving is expected to happen sometime in April 2024, and the block rewards are expected to fall to 3.125 BTC<\/a>. Naturally, these miners are getting ready for this drop in rewards, as identified by Matthew Sigel.<\/p>\n

\u201cMiners have begun to sell more of their coins to bolster balance sheets and fund growth capex ahead of tougher times for margins when block rewards are halved in April. After the halving, scale will matter even more.\u201d<\/p>\n

Related Reading: Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure<\/a><\/div>\n

Nevertheless, as selling has ramped up, so has buying as Spot Bitcoin ETF issuers scramble to accumulate BTC for their customers. According to this NewsbTC report<\/a>, Spot Bitcoin ETF issuers now hold more than 657,000 BTC, worth more than $28 billion at current prices.<\/p>\n

At the time of writing, the BTC<\/a> price is trending at $42,933, after being beaten back from the $43,000 resistance. The crypto\u2019s fluctuations<\/a> at this level suggest that $43,000 is the target to beat if it is to continue its uptrend.<\/p>\n

\"Bitcoin<\/p>\n

BTC price struggles below $43,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Forbes India, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin miner reserves can often be a tell for where the market could be headed next due to their large holdings. These reserves going up or down can pinpoint how miners are looking at the market, and a drop in their reserves can be bad for the BTC price. Miners Reserves Drop By 14,000 BTC Bitcoin miners, who are responsible for confirming transactions on the blockchain and keeping the network safe, seem to be turning toward selling rather than accumulating. According to a CryptoQuant report, these miner reserves have seen a notable drop since 2024 began. Related Reading: PEPE Ready To Make A Comeback? On-chain Indicators Have The Answer Their holdings dropped by 14,000 BTC in less than two months, suggesting that these miners have been selling some of their stash. Going by an average price of $43,000 since January 2024, this means that Bitcoin miners have sold over $600 million worth of BTC so far. As a result of this, miner reserves are currently sitting at 1.8 million BTC, which is the lowest level since June 2021. Bitcoin miners selling their coins are not new because they often need to sometimes sell to keep their operations running. The most notable costs include electricity, as well as mining machines. However, it does not change the fact that their selling can have an adverse effect on the price of BTC. This time around, though, miners seem to be selling for an additional reason, which Matthew Sigel, who\u2019s head of digital asset research at VanEck, has identified to be for purposes of bolstering their balance sheets. Bitcoin Miners Getting Ready For The Halving The next Bitcoin halving is expected to happen sometime in April 2024, and the block rewards are expected to fall to 3.125 BTC. Naturally, these miners are getting ready for this drop in rewards, as identified by Matthew Sigel. \u201cMiners have begun to sell more of their coins to bolster balance sheets and fund growth capex ahead of tougher times for margins when block rewards are halved in April. After the halving, scale will matter even more.\u201d Related Reading: Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure Nevertheless, as selling has ramped up, so has buying as Spot Bitcoin ETF issuers scramble to accumulate BTC for their customers. According to this NewsbTC report, Spot Bitcoin ETF issuers now hold more than 657,000 BTC, worth more than $28 billion at current prices. At the time of writing, the BTC price is trending at $42,933, after being beaten back from the $43,000 resistance. The crypto\u2019s fluctuations at this level suggest that $43,000 is the target to beat if it is to continue its uptrend. BTC price struggles below $43,000 | Source: BTCUSD on Tradingview.com Featured image from Forbes India, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":573833,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,91594,639,656,679,1119,87389,89185,1144,78790],"class_list":["post-573820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miner-reserves","tag-bitcoin-miners","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-miners","tag-btc-news","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Miner Reserves Drop To June 2021 Levels, What This Means For Price<\/title>\n<meta name=\"description\" content=\"Bitcoin miner reserves can often be a tell for where the market could be headed next 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miner Reserves Drop To June 2021 Levels, What This Means For Price","url":"http:\/\/ktsl888.com\/news\/bitcoin-miner-reserves-june-2021\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-miner-reserves-june-2021\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/Bitcoin-miners.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/Bitcoin-miners.jpeg?fit=900%2C600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miner reserves","bitcoin miners","bitcoin news","bitcoin price","btc","btc miners","btc news","btcusd","btcusdt"],"dateCreated":"2024-02-08T00:30:38Z","datePublished":"2024-02-08T00:30:38Z","dateModified":"2024-06-11T07:25:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miner Reserves Drop To June 2021 Levels, What This Means For Price\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-miner-reserves-june-2021\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-miner-reserves-june-2021\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin-miners.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin-miners.jpeg?fit=900%2C600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miner reserves\",\"bitcoin miners\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc miners\",\"btc news\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-02-08T00:30:38Z\",\"datePublished\":\"2024-02-08T00:30:38Z\",\"dateModified\":\"2024-06-11T07:25:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/Bitcoin-miners.jpeg?fit=900%2C600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/573820"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=573820"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/573820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/573833"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=573820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=573820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=573820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}