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The popular crypto analyst and Bitcoin (BTC) fan Ali published a post on Twitter earlier today to share an observation he made about the mining reserves of the crypto market leader. According to the post, BTC miners’ reserves have experienced a major decrease.
Bitcoin miner reserve (Source: CryptoQuant)
The post indicated that BTC miners’ reserves dropped by 6,145 BTC over the last week alone. According to Ali, this suggests that miners sold around $172,060,000 worth of BTC over this time period.
On April 18 of 2023, BTC miners’ reserves stood at 1,834,664.76909841. Today, the analyst’s post indicates that this number currently stands at 1,828,519.8210153.
BTC price (Source: CoinMarketCap)
In related news, BTC is one of the many cryptocurrencies trading in the green today. CoinMarketCap indicates that BTC experienced a price increase of 4.09% over the last day to now trade hands at $28,399.93. This means that the crypto is currently trading closer to its daily high of $28,491.80 than its daily low of $27,207.93.
BTC was also able to strengthen against its biggest competitor, Ethereum (ETH), by about 1.49% since yesterday. Despite BTC’s positive performance over the last 24 hours, the crypto king still has some work to do to get its weekly performance in the green again, given that BTC is down by more than 5% over the last seven days, as of press time.
The market leader’s 24-hour trading volume is currently up more than 15% and stands at $18,812,481,387. In terms of market cap, BTC currently stands at $549,939,491,232.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.