This massive liquidation has pushed miner reserves to 1.9M BTC, a level not seen in 14 years

Bitcoin miners sold around $2 billion worth of cryptocurrency in June, or more than 30,000 BTC. This is the worst monthly sell-off recorded so far this year. Additionally, when miners started selling off their holdings to stay afloat after the latest Bitcoin Halving, this massive liquidation has pushed miner reserves to 1.9 million BTC, a level not seen in 14 years.

The revenue of Bitcoin miners was greatly affected by the fourth halving event in April 2024. This reduced block rewards from 6.25 BTC to 3.125 BTC. As a result, many businesses, particularly those with fewer assets, had to sell off their holdings to cover operating costs.