The recent price increase and growing demand from ETFs are pushing miners’ Bitcoin reserves to April 2021 historic lows.
The rise in the price of Bitcoin has caused an increase in sales by miners. According to the latest analysis by CryptoQuant, miners’ reserves have reached the lowest level since April 2021. This trend began last November.
Similarly, the analysis also highlighted an increase in profit-taking among short-term investors, reminiscent of what occurred during previous peaks.
Since January 11, 2024, there has been a significant influx of retail investors into Bitcoin spot ETFs, leading to a price increase above $74,000.
Despite the recent downturn, a potential new wave of retail investors coinciding with the mid-April halving could trigger a price surge due to the halving of daily bitcoin production.
