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Bitcoin Miners' Reserves Hit Low Since April 2021 Amid Lagging Active Addresses

20/03 15:36

According to CryptoPotato, Bitcoin miners' reserves have reached their lowest level since April 2021, coinciding with a decline in active addresses on the network and short-term holders selling off some of their holdings, pushing the value below $63,000. This trend, particularly pronounced since November, typically indicates increased selling pressure on the cryptocurrency. Another concerning trend is the failure of active addresses to keep up with rising Bitcoin prices this month. CryptoQuant's analysis also observed an increase in profit-taking among short-term Bitcoin holders, mirroring patterns seen during previous market peaks. This wave of profit realization may signal a critical turning point for the cryptocurrency's price trajectory. In 2024, retail investors flocked to spot Bitcoin ETFs in large numbers, causing a surge that pushed prices above $74,000. However, the subsequent downturn led to over 15% weekly losses and hundreds of millions in liquidation, leaving investors concerned. Despite these concerns, the upcoming influx of retail investors could align with the halving event, potentially triggering an even more significant rally for Bitcoin. Over 93% of Bitcoins have already been mined, marking a significant milestone as the leading crypto asset anticipates its fourth halving, scheduled just a month from now.

Bullish

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