2024

Value

Bitcoin

April

Time

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin miner reserves drop to their lowest total in over 14 years.</li> 
 <li>However, their fiat value hovers around ATH.</li> 
</ul> 
<p>According to the latest reports, Bitcoin reserves held by miners dropped to their lowest total in over 14 years, recent data reveals.</p> 
<p>On June 19 miner reserves dropped to 1.90 million BTC ($1.26 billion) after kicking off 2024 with 1.95 million BTC ($1.29 billion).</p> 
<p><img loading="lazy" decoding="async" src="https://s3.cointelegraph.com/uploads/2024-06/f18d1277-44d7-4953-9d0d-c8217839c9d5.png" alt="IntoTheBlock" width="1200" height="800" title="Bitcoin Miner Reserves Reach 14-Year Low, But Their Fiat Value Nears $135B ATH 17"></p> 
<p>IntoTheBlock’s head of research, Lucas Outmuro, noted recently that miners are expected to hold less Bitcoin over time, as the halving is pressuring their margins. This also makes it more likely for them to sell their reserves.</p> 
<p>Bitcoin’s PoW consensus mechanism notes that miners are rewarded with new Bitcoin for validating transactions and securing the network. Every four years, the network’s mining subsidy is cut in half via the halving event.</p> 
<p>This year, the halving event took place on April 20.</p> 
<p>However, despite the pay cut, mining reserves measured in US dollar value have been floating near the ATH range of $135 billion.</p> 
<p><img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-06/06a254f7-f78a-4cc6-9930-432d7b67942e.png" alt="06a254f7 f78a 4cc6 9930 432d7b67942e" title="Bitcoin Miner Reserves Reach 14-Year Low, But Their Fiat Value Nears $135B ATH 18"></p> 
<p>In other words, even if BTC producers are holding fewer BTC, they are now more valuable, and this means that miners have more value in their balance sheet in dollars.</p> 
<h2 id="bitcoin-trades-above-66k">Bitcoin trades above $66k</h2> 
<p>At the moment of writing this article, BTC is trading above $66,000. The coin is up by almost 2% today.</p> 
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<p>The coin is still surrounded by optimistic predictions. The latest ones come from analysts at Bernstein who <a href="https://crypto.ro/en/news/bitcoin-btc-could-reach-500k-by-2029-1m-by-2033/">predicted</a> that we can see BTC hitting $200,000 by 2025, and $500,000 by 2029. Also, according to them, BTC could even hit&nbsp;$1 million&nbsp;by 2033.</p> 
<p>According to new reports, CoinShares predicted that Bitcoin’s hash rate will surge in 2025 after a post-halving dip.</p> 
<p>Bitcoin on-chain analyst Willy Woo recently said that we will not see BTC’s price surge significantly until the rare <a href="https://crypto.ro/en/news/bitcoin-below-68k-amidst-rare-miner-capitulation-price-rebound-expected-post-purge/">miner capitulation</a> event is over.</p> 
<p>He explained that BTC will not break to new ATHs until more pain and boredom play out.</p> 
<p><a href="https://x.com/woonomic/status/1803300431180796110/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GQabb3GXIAAWY20?format=jpg&amp;name=4096x4096" alt="" width="2360" height="1674" title="Bitcoin Miner Reserves Reach 14-Year Low, But Their Fiat Value Nears $135B ATH 19"></a></p> 
<p><a href="https://x.com/woonomic" rel="nofollow" target="_blank">Woo</a> shared the graph above, telling followers to look for compressions in this ribbon. “Buy and hodl in these regions,” he explained.</p> 
<p>Patience is expected to be rewarded in the current market conditions. This is because the ongoing FUD among traders, along with Bitcoin trader fatigue and whale accumulation, typically result in price bounces that reward patient investors.</p>

Bitcoin Miner Reserves Reach 14-Year Low, But Their Fiat Value Nears $135B ATH

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