CryptoQuant analysts have observed a decrease in digital gold reserves available to miners, reaching levels similar to those in July 2021. According to experts, over the last two days, miner reserves have decreased by 14,000 BTC, equivalent to approximately $600 million.
Bitfinex, in a report, stated that the selling pressure following the approval of spot ETFs is largely due to digital gold miners.
Analysts believe that miners are motivated to sell and prepare for the upcoming halving, a process that will decrease block rewards by half and therefore reduce the profitability of digital gold mining in the short term.
The experts also added that these current sales are providing capital for infrastructure upgrades and serve as a reminder of the significant impact miners have on market liquidity and pricing.
They also caution that further liquidation of reserves is expected in the near future. At the time of writing, Bitcoin is trading around $43,100, representing a 1.1% increase within the last 24 hours, according to CoinGecko.