2024

Bitcoin

when

Recent <a href="https://cryptoquant.com/asset/btc/chart/flow-indicator/miners-position-index-mpi?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener nofollow">data</a> from CryptoQuant has highlighted a significant shift in Bitcoin Miners behavior, with miner reserves dropping to their lowest levels since 2010 while over-the-counter (OTC) selling activity has surged to higher levels. 
<h2 id="what-this-means-for-btc">What This Means For BTC</h2> 
At the beginning of the year, miner reserves stood at approximately 1.87 million BTC but have yet to grow to about 1.81 million BTC today, a level not seen since 2010. This reserve decline is notable as it indicates a <a href="https://www.newsbtc.com/news/bitcoin/its-do-or-die-for-bitcoin-price-soon-says-analyst/" target="_blank" rel="noopener ">higher propensity</a> for miners to sell off their holdings. 
<img loading="lazy" decoding="async" class="wp-image-625671 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-20-at-16.16.55.png?w=860&amp;resize=860%2C558" alt="Bitcoin miner reserves" width="860" height="558" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-20-at-16.16.55.png?w=2217 2217w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-20-at-16.16.55.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-20-at-16.16.55.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-20-at-16.16.55.png?w=860&amp;resize=860%2C558 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-20-at-16.16.55.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-20-at-16.16.55.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-20-at-16.16.55.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-20-at-16.16.55.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Typically, this could lead to increased <a href="https://www.newsbtc.com/bitcoin-news/analytics-firm-bitcoin-analysts-are-puzzled-about/" target="_blank" rel="noopener ">market supply</a> and potential price depreciation, but the scenario has unfolded differently this year. 
Despite the drop in miner-held BTC, the value of these reserves remains high, buoyed by a nearly 150% price increase since October last year, keeping the total dollar value of miner holdings near all-time highs at over $130 billion. 
Additionally, data from CryptoQuant indicates that Bitcoin miners’ over-the-counter (OTC) sales have peaked daily since March. 
<img loading="lazy" decoding="async" src="https://i0.wp.com/www.tbstat.com/wp/uploads/2024/06/Bitcoin-Miner-OTC-Selling-of-Bitcoin.png?resize=1200%2C675&amp;ssl=1" alt="Bitcoin miner OTC selling. " width="1200" height="675" data-recalc-dims="1"> 
<h2 id="bitcoin-in-the-spotlight">Bitcoin In The Spotlight</h2> 
This miner activity comes amid broader market movements that have seen significant price fluctuations. BTC’s price has <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recover-65k/" target="_blank" rel="noopener ">retreated</a> by nearly 7% in the past day, dropping from a peak of $66,436 to around $65,269. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/MPf0onoh/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1496"> 
The decrease aligns with a general volatility trend that has recently characterized the <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-and-solana-brace-for-quiet-q3-what-crypto-traders-should-know/" target="_blank" rel="noopener ">crypto market</a>. Analyst Willy Woo <a href="https://twitter.com/woonomic/status/1803300431180796110?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">commented</a> on the situation, indicating that BTC might not see new highs until the current phase of miner capitulation and market <a href="https://www.newsbtc.com/bitcoin-news/quiet-summer-ahead-for-bitcoin-but-ethereum-holds-potential-for-surprise-qcp-capital/" target="_blank" rel="noopener ">boredom resolves</a>, which historically precedes a significant rally. 
<blockquote class="twitter-tweet"> 
 I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out. 
 On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally. 
 Look for compressions in this ribbon. Buy and hodl in these regions. <a href="https://t.co/MkPKk3AF47" target="_blank" rel="noopener nofollow">pic.twitter.com/MkPKk3AF47</a> 
 — Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1803300431180796110?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">June 19, 2024</a>
</blockquote> 
Meanwhile, MicroStrategy, a major corporate backer of BTC, has continued its strategy of <a href="https://twitter.com/saylor/status/1803763490928119950?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">accumulating</a> Bitcoin amidst these market conditions. Following a recent fundraising effort through the sale of $800 million in convertible notes, the company has added 11,931 bitcoins to its holdings. 
This acquisition, conducted at an average price of $65,883 per bitcoin, brings MicroStrategy’s total holdings to 226,331 bitcoins, acquired at an aggregate cost of approximately $8.33 billion, reflecting an average price of $36,798 per bitcoin. 
<blockquote class="twitter-tweet"> 
 MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes &amp; excess cash for ~$65,883 per <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#bitcoin</a>. As of 6/20/24, <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$MSTR</a> hodls 226,331 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$BTC</a> acquired for ~$8.33B at average price of $36,798 per bitcoin.<a href="https://t.co/jE9dGqqnON" target="_blank" rel="noopener nofollow">https://t.co/jE9dGqqnON</a> 
 — Michael Saylor<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@saylor) <a href="https://twitter.com/saylor/status/1803763490928119950?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">June 20, 2024</a>
</blockquote> 
Featured image created with DALL-E, Chart from TradingView

Bitcoin Miners’ Reserves Deplete Amidst High OTC Selling, What This Means

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