"I'm tired, miners, don't you have anything else to do to keep yourself busy, just to relieve the stress on BTC."
Cryptocurrency exchange analyst Bitfinex attributes the fall of Bitcoin (BTC) to miners whose reserves are dwindling after continuously selling them and trying to provide capital including upgrading infrastructure in preparation for the halving event.
After the price of BTC reached $49,000 due to the approval of spot BTC ETF in the United States (US), miners without wasting time acted to exit and leverage their positions.
While BTC is hovering at $42,800, BTC Miner Reserve, which is a metric that reflects the amount of BTC held in wallets linked to miners, has fallen to its lowest point since June 2021 and now holds 1.826 million BTC.
Through observation, miners sent $1 billion worth of BTC to crypto exchanges on January 12, 2024 while miner wallets also recorded an outflow of 13,500 BTC on February 1 which marks a negative outflow since the BTC Miner Reserve was created.
As BTC miners sell their digital assets to finance operating costs, the majority of long-term holders remain steadfast and stubborn in their positions where they unload their holdings at the current crypto market price.
Even so, Bitfinex analysts found a slight increase in longer BTC spending especially among holders in the one to two year category.
As of this writing, BTC price has jumped by 1.33% to $43,129 in the last 24 hours with a market cap of $846 billion and is up 0.67% over the last week.
