The Twitter crypto community observed the latest Bitcoin (BTC) miner movements on 19 May. Cryptoquant tweeted about the decreasing Bitcoin miner reserves, suggesting upcoming selling momentum from miners.
The chart displays a sharp dip in miner rewards following BTC’s surge to this year’s high in mid-April. Another miner dip emerged toward the April end, catalyzing price declines in the world’s leading crypto. Cryptoquant added that the latest reserves decline happened this week and matched with inflows to Binance.
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Miners readying to sell?
Cryptoquant observed two transfers of 1,750 Bitcoin from a miner’s wallet to a crypto exchange. The analysts added that the transaction could have gone to Binance. The moves follow updates of declines in mining profitability. Moreover, some crypto pundits report that miners are already selling their stash.