As of August 25th, Bitcoin miners held a total of 1.831 million BTC. However, by the end of August 31st, their reserves dropped to 1.827 million BTC. This means they sold more than 4,000 BTC in the past 7 days.
These changes in miner reserves are tracked in real-time based on wallet balances and mining pool activity. When the figures decrease, it signifies that miners are selling off their holdings, creating selling pressure.
Notably, Bitcoin miners currently control around 9.4% of the total circulating BTC supply. This emphasizes why strategic investors closely monitor their trading activities.
At the time of writing, BTC is trading around $25,880, with slight fluctuations in the last 24 hours. At the current trading price, miners have sold BTC worth $103 million. If there isn’t enough demand to counter the selling pressure from miners, the price of Bitcoin might drop below $25,000.
However, exchange order books show that many strategic traders have set significantly high sell walls to minimize the risk of BTC trading at $25,000.
According to the chart below, BTC traders have placed orders to buy 5.6 million BTC with prices around 5% lower than the current $25,800. On the resistance side, traders have only put up 3.7 million BTC for sale.
The depth chart from the recognized exchange describes the volume of active orders that Bitcoin traders have placed.
Despite the miner selling pressure, the current market demand for BTC surpasses the supply by 1.9 million tokens around the current price range. This is an important signal indicating that strategic traders might accumulate the $103 million worth of BTC that miners have sold. If this happens, they could prevent Bitcoin from falling below the crucial support level of $25,000.