Plunge

Bitcoin

Amidst a backdrop of market recovery, <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">Bitcoin's price</a> resilience is facing a potential risk from within its own ranks as miner reserves plummet to levels unseen since mid-2021. CryptoQuant's pulse on the blockchain reveals a staggering $600 million worth of Bitcoin was sold off by miners in just 48 hours, with over 14,000 BTC leaving their coffers, marking a continuation of a downtrend in miner reserves that began last August, according to <a href="https://www.bitcoininsider.org/article/240188/bitcoin-miner-reserves-fall-lowest-level-2021-worry-btc-price">Bitcoininsider</a>. 
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 <img src="https://lh7-us.googleusercontent.com/CnQnNmNQ6eCNzR1jwFv9FdPGAwfo-C95YsU61flrv5tMdX3j91s3Yoj_adVKjuadZeY63P_lNrgMlGpKhKl6h9qNSMU6huCNV4FmZx5jRRx51b4VGPBocwbZfuAEwJhBkTWRpqNYEjCkNvnmPeseHWQ" alt="">
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The significance of this depletion cannot be overstated as it hits a nearly three-year low. A notable uptick in miners transferring Bitcoin to exchanges, intensifying since the US's initiation of spot ETF trading. This shift towards exchanges typically precedes a selloff, as CryptoQuant's "Miner to Exchange Flow" corroborates with its recent increase. 
Interestingly, these large-scale miner sell-offs have historically not swayed Bitcoin's price significantly, thanks to the market's absorption capacity.&nbsp;

CryptoQuant Reveals Bitcoin Miner Reserves Plunge Ahead of Halving

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