Krutika Adani
Bitcoin miner reserves are at their lowest point in three years after miners sold their surplus Bitcoins in the market after the cryptocurrency's halving.
Bloomberg estimates current miner reserves at around 1.5 million Bitcoins which is around 7.14% of the entire Bitcoin supply.
The low Bitcoin reserves mean that the price of Bitcoin now has no threat from miners. With the US and German governments also ending their selling streak, the price of Bitcoin looks to scale new ATH.
We expect Bitcoin to cross $70,000 by next month, as prices have little to no resistance after $60k.
Since most of the repatriated funds in FTX’s case are in SOL, the price of Bitcoin would be hardly impacted.