Bitcoin Miner Wallet Balances Hit A 10-month Low
The amount of Bitcoin held by miner wallets has decreased to a 10-month low, according to data monitored by Glassnode.
According to data monitored by blockchain analytics company Glassnode, the balance held in miner wallets has decreased by $30.4 billion over the last seven days.
The Bitcoin mining hashrate, on the other hand, is moving in the opposite direction; since the beginning of the month, it has been rising steadily.
In the midst of the panic market caused by FTX, Bitcoin miners or entities generating the cryptocurrency appear to be exhausting their coin reserves.
Some prominent names in the struggling mining industry include Compute North, Argo Blockchain, and Core Scientific.
At the time of writing, BTC is trading at $16,605.
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