{"id":625668,"date":"2024-06-20T20:00:32","date_gmt":"2024-06-20T20:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=625668"},"modified":"2024-06-20T16:00:28","modified_gmt":"2024-06-20T16:00:28","slug":"bitcoin-miners-reserves-deplete-amidst-high-otc-selling","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-miners-reserves-deplete-amidst-high-otc-selling\/","title":{"rendered":"Bitcoin Miners’ Reserves Deplete Amidst High OTC Selling, What This Means"},"content":{"rendered":"

Recent 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.<\/p>\n

What This Means For BTC<\/h2>\n

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 higher propensity<\/a> for miners to sell off their holdings.<\/p>\n

\"Bitcoin
Bitcoin miner reserves. | Source: CryptoQuant<\/a><\/figcaption><\/figure>\n

Typically, this could lead to increased market supply<\/a> and potential price depreciation, but the scenario has unfolded differently this year.<\/p>\n

Related Reading: Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise \u2014 QCP Capital<\/a><\/div>\n

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.<\/p>\n

Additionally, data from CryptoQuant indicates that Bitcoin miners’ over-the-counter (OTC) sales have peaked daily since March.<\/p>\n

\"Bitcoin
Bitcoin miner OTC selling. | Source: CryptoQuant<\/a><\/figcaption><\/figure>\n

Bitcoin In The Spotlight<\/h2>\n

This miner activity comes amid broader market movements that have seen significant price fluctuations. BTC’s price has retreated<\/a> by nearly 7% in the past day, dropping from a peak of $66,436 to around $65,269.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

The decrease aligns with a general volatility trend that has recently characterized the crypto market<\/a>. Analyst Willy Woo commented<\/a> on the situation, indicating that BTC might not see new highs until the current phase of miner capitulation and market boredom resolves<\/a>, which historically precedes a significant rally.<\/p>\n

\n

I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out.<\/p>\n

On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally.<\/p>\n

Look for compressions in this ribbon. Buy and hodl in these regions. pic.twitter.com\/MkPKk3AF47<\/a><\/p>\n

\u2014 Willy Woo (@woonomic) June 19, 2024<\/a><\/p><\/blockquote>\n

Meanwhile, MicroStrategy, a major corporate backer of BTC, has continued its strategy of 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.<\/p>\n

Related Reading: It\u2019s \u2018Do Or Die\u2019 For Bitcoin Price Soon, Says Analyst<\/a><\/div>\n

This acquisition, conducted at an average price of $65,883 per bitcoin, brings MicroStrategy\u2019s 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.<\/p>\n

\n

MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin<\/a>. As of 6\/20\/24, $MSTR<\/a> hodls 226,331 $BTC<\/a> acquired for ~$8.33B at average price of $36,798 per bitcoin.https:\/\/t.co\/jE9dGqqnON<\/a><\/p>\n

\u2014 Michael Saylor\u26a1\ufe0f (@saylor) June 20, 2024<\/a><\/p><\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Recent data 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. What This Means For BTC 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 higher propensity for miners to sell off their holdings. Typically, this could lead to increased market supply and potential price depreciation, but the scenario has unfolded differently this year. Related Reading: Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise \u2014 QCP Capital 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. Bitcoin In The Spotlight This miner activity comes amid broader market movements that have seen significant price fluctuations. BTC’s price has retreated by nearly 7% in the past day, dropping from a peak of $66,436 to around $65,269. The decrease aligns with a general volatility trend that has recently characterized the crypto market. Analyst Willy Woo commented on the situation, indicating that BTC might not see new highs until the current phase of miner capitulation and market boredom resolves, which historically precedes a significant rally. 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. pic.twitter.com\/MkPKk3AF47 \u2014 Willy Woo (@woonomic) June 19, 2024 Meanwhile, MicroStrategy, a major corporate backer of BTC, has continued its strategy of accumulating 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. Related Reading: It\u2019s \u2018Do Or Die\u2019 For Bitcoin Price Soon, Says Analyst This acquisition, conducted at an average price of $65,883 per bitcoin, brings MicroStrategy\u2019s 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. MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6\/20\/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.https:\/\/t.co\/jE9dGqqnON \u2014 Michael Saylor\u26a1\ufe0f (@saylor) June 20, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":625681,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,639,1119,78790,6664,10923],"class_list":["post-625668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-miners","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\nBitcoin Miners' Reserves Deplete Amidst High OTC Selling<\/title>\n<meta name=\"description\" content=\"Recent data from CryptoQuant has highlighted a 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miners’ Reserves Deplete Amidst High OTC Selling, What This Means","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-miners-reserves-deplete-amidst-high-otc-selling\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-miners-reserves-deplete-amidst-high-otc-selling\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-20-16.51.22-A-conceptual-digital-artwork-depicting-Bitcoin-miners-at-work-with-servers-and-computers-in-a-large-warehouse-illuminated-by-the-glow-of-screens-and-.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-20-16.51.22-A-conceptual-digital-artwork-depicting-Bitcoin-miners-at-work-with-servers-and-computers-in-a-large-warehouse-illuminated-by-the-glow-of-screens-and-.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin miners","btc","btcusdt","crypto","crypto market"],"dateCreated":"2024-06-20T20:00:32Z","datePublished":"2024-06-20T20:00:32Z","dateModified":"2024-06-20T20:00:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miners’ Reserves Deplete Amidst High OTC Selling, What This Means\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-miners-reserves-deplete-amidst-high-otc-selling\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-miners-reserves-deplete-amidst-high-otc-selling\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-20-16.51.22-A-conceptual-digital-artwork-depicting-Bitcoin-miners-at-work-with-servers-and-computers-in-a-large-warehouse-illuminated-by-the-glow-of-screens-and-.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-20-16.51.22-A-conceptual-digital-artwork-depicting-Bitcoin-miners-at-work-with-servers-and-computers-in-a-large-warehouse-illuminated-by-the-glow-of-screens-and-.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin miners\",\"btc\",\"btcusdt\",\"crypto\",\"crypto market\"],\"dateCreated\":\"2024-06-20T20:00:32Z\",\"datePublished\":\"2024-06-20T20:00:32Z\",\"dateModified\":\"2024-06-20T20:00:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-20-16.51.22-A-conceptual-digital-artwork-depicting-Bitcoin-miners-at-work-with-servers-and-computers-in-a-large-warehouse-illuminated-by-the-glow-of-screens-and-.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/625668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=625668"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/625668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/625681"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=625668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=625668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=625668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}