Global #Bitcoin miners

In a recent post on X, the analytics firm Santiment has shed light on a crucial Bitcoin metric: "Supply Held by Miners."

Bitcoin mining difficulty has surged to an unprecedented level, climbing 3.5% on Wednesday according to data from CoinWarz.

Bitcoin (BTC) has recently experienced a sharp decline, falling by 7% and dropping below $52,900 for the first time in over a month. This significant drop has sparked concern among investors and crypto enthusiasts.

In a striking development that underscores a notable shift in market sentiment, over $26 billion worth of Bitcoin and Ethereum have been withdrawn from centralized exchanges since January 2024.

Bitcoin miners’ reserves have surged to a two-year high, raising alarms about a potential decline in Bitcoin’s market price. According to a recent CryptoQuant report, miner reserves have ballooned to 368,000 BTC, valued at approximately $22.36 billion.

Bitcoin miners are currently grappling with severe financial challenges, driven by decreased block rewards following this year's halving and an all-time low hash price.