• Bitcoin miners added 3,499 BTC to their reserves in celebration of the king coin’s 14th year.
• An analyst predicted that the addition would reduce selling pressure on the market.
• The validity of the prediction was confirmed by an increase in Bitcoin reserves on Poolin miner wallet.
As Bitcoin celebrated its 14th year, miners demonstrated an unprecedented shift in stance. Data from CryptoQuant showed that miners added 3,499 BTC to their reserves. The analyst from IT Tech suggested that the increase would reduce the selling pressure on the market. To prove his point, he added that a spike in Bitcoin reserves on Poolin miner wallet further confirmed the prediction.
The sudden addition of BTC to miner’s reserves was a significant move. The past few years had seen miners selling Bitcoin as their operations became less profitable. However, the celebration of the king coin’s 14th year saw miners shift the past years‘ norm. This addition of 3,499 BTC implied a good sign to start the year as it reduced selling pressure.
The analyst also pointed out that the transactions following the addition were internal plays between miners. Noting that the transfer was to ‚Poolin‘ miners, he stated, „+3526 $BTC was added exactly at the same time when reserves increased. So it’s a high probability that there was movement between miner’s wallets.“ Data from community-based analytics platforms revealed that a spike in Bitcoin reserves on the address.
Despite the positive change in stance, the static condition of Bitcoin issuance implied that a spike in reserves added no value in miners‘ pursuit of adding to the current supply. This also spread to the inflation rate which represented the percentage of new coins divided by the current supply. A decrease in issuance and inflation rate meant that miners could not add to the current supply of Bitcoin.
Overall, the addition of 3,499 BTC to miner’s reserves was a significant move. Although it reduced selling pressure, the static condition of Bitcoin issuance and inflation rate meant that miners could not add to the current supply. With that being said, the effect of the addition of BTC to the reserves remains to be seen in the long term.