Bitcoin (BTC) prices are steady for some time around the $22,000 mark. The crypto miners are seeing a ray of hope but just. In the past also there have been some false starts and the crypto community are fearful of another crash. However, BTC miners are hoping that there is a chance of a turnaround in the coming days.
The last seven days have seen Bitcoin’s price grow from $367 billion on July 1 to $414 billion now. There have been some interesting happenings with respect to miner reserves in the recent past.
Bitcoin Miner Reserves Lessening
As per the analysis conducted by Chart Today on Crypto Quant, a significant downfall has been seen in the Bitcoin miner reserves in the past two weeks. It could be a sign that there is declining faith in a price reversal despite an upward curve in Bitcoin price this week. Data revealed that there is a decrease of around 4,300 Bitcoin in the last two weeks, hinting at hedged positions against price fall.
The general inclination in the Bitcoin mining community seems to move the assets towards the derivative markets. It is a clear shot hint that a further drop in Bitcoin price is being anticipated by the mining community. Miners are continuing to move the assets in their reserves and it has decreased in the last two weeks by 4300 BTC.
Tanking Bitcoin Mining Revenues
Glassnode’s findings also add strength to these findings and also hint that the BTC miners are moving their assets in the anticipation of another crash in the offing. The revenues from Bitcoin mining are said to be down 56% since the all-time highs.