Miner Reserves Increase to Celebrate Bitcoin’s 14th Anniversary

• Bitcoin miners have added 3,499 BTC to their reserves in celebration of the cryptocurrency’s 14th anniversary.
• CryptoQuant’s data revealed that miners‘ selling power has significantly dropped.
• Despite the increase in reserves, the static Bitcoin issuance and inflation rate imply that there will be no major impact to the cryptocurrency’s supply.

The Bitcoin network is celebrating its 14th anniversary this year and miners are showing their support by adding to the network’s reserves. According to IT Tech, a CryptoQuant analyst, miners added 3,499 BTC to their reserves. This increase in reserves implies that miners are trying to reduce the amount of selling pressure, which will help to stabilize the price of Bitcoin.

Data from CryptoQuant confirms that miners‘ selling power has significantly dropped. This is a positive sign for the cryptocurrency as it shows that miners are willing to support the network by not flooding the market with new coins. The increase in reserves also has the potential to increase the liquidity of Bitcoin, which will help to support the cryptocurrency in the long run.

Furthermore, the increase in reserves was followed by a transfer from a Poolin miner wallet to the network. This transfer suggests that miners were making internal plays with their coins, indicating that they are looking to hold onto their coins and not immediately sell them.

Despite the decrease in selling pressure and the increase in reserves, there has not been a major impact on the Bitcoin supply. According to Glassnode, the current Bitcoin issuance is extremely low at 556.25, which implies that there is no major impact on the current supply. Additionally, the inflation rate of Bitcoin has also remained static, indicating that the increase in reserves has not had a major impact on the cryptocurrency’s supply.

Overall, the increase in reserves is a positive sign for the cryptocurrency. It shows that miners are looking to support the network by not flooding the market with new coins. However, the static Bitcoin issuance and inflation rate imply that there will be no major impact to the cryptocurrency’s supply.