Bitcoin miners are reducing their BTC holdings as the “miner price” approaches $65,000, highlighting concerns about BTC price susceptibility to their activities. Recent data from on-chain analytics firm Glassnode reveals continuous offloading by miners as the year-end approaches. Since mid-October, Bitcoin miners have consistently decreased their BTC balances, with a decline of 700 BTC in the 24 hours leading to December 28.
Compared to the local top on October 22, miners’ balances have decreased by 12,700 BTC. Despite BTC/USD rising from $30,000 to nearly $45,000 during this period, the impact of miner activity could be affecting the chances of bullish price continuation, according to analyst Ali. Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, highlighted the significant profitability of Bitcoin miners, stating that they are “absolutely printing” with a miner price of $64,000, making 50% extra on top of the Bitcoin price.
The upcoming block subsidy halving is a key point in Bitcoin’s lifespan, with miners likely to hoard BTC stocks ahead of the block reward dropping by 50% to 3.125 BTC, according to Filbfilb, co-founder of trading suite DecenTrader. Edwards considers the April halving event as the “most important” and a “transition point,” predicting that in 2024, Bitcoin will become the hardest asset globally, with an inflation rate half that of gold, surpassing gold as the best store of value.
