Bitcoin Outlook Clouded by Falling Miner Reserves Ahead of April’s Halving
- Amount of Bitcoin held by miners has declined of late
- Reserves drop may signal a headwind for Bitcoin’s price
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Bitcoin miners are getting a jump on an anticipated decline in revenue from the so-called halving in April, when the blockchain’s network protocol will reduce rewards for verifying transactions by half.
Miner reserves — unsold Bitcoin held in digital wallets associated with the companies — have dropped by 8,400 tokens since the start of 2024 to 1.8 million, a level last seen in June 2021, according to data compiled by CryptoQuant. Analysts said the decrease indicates miners are selling tokens.