Axel Adler, an analyst at the CryptoQuant blockchain platform, drew attention to a significant decrease in bitcoin reserves at over-the-counter addresses of large mining companies. Over the past four years, the volume of these reserves has decreased by 72 percent, decreasing from 500,000 to 139,700 coins. The peak values of savings were observed in the period from 2018 to 2022, when the balance at some points approached 600,000 bitcoins. Currently, miners are spending their accumulated assets faster than they can replenish them. The specialist explains this trend by the need to direct the funds received to pay for electricity, equipment maintenance and the development of production infrastructure.

An additional factor affecting the economy of the industry was the reduction in the reward for mining the block, which occurred in April 2024. The income of mining companies decreased from 6.25 to 3.125 bitcoins per block, which occurred against the background of maintaining a significant portion of operating expenses. At the same time, the market remains in steady demand from large buyers. Institutional investors prefer to conduct transactions through over-the-counter platforms, acquiring significant amounts of assets without creating an additional impact on pricing on the open market. It also contributes to a gradual decrease in the available supply.

The decrease in stocks at over-the-counter addresses indicates that mining companies have fewer available reserves to sell. However, the expert emphasizes that this indicator is not an independent factor determining the movement of the bitcoin price. The overall demand from investors, the macroeconomic situation and the level of global liquidity also continue to influence market dynamics. Earlier, platform analysts had already noted active movements of funds: for example, in February, miners withdrew 36,000 bitcoins from crypto exchanges, with more than 12,000 coins going to Binance, the largest trading platform.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.