Bitcoin prices are trending higher, but big players appear hesitant to buy into the current rally.
Bitcoin Reserves Dropping
On-chain data shows that exchange, digital asset banks, and miner BTC reserves are relatively lower. Over the past weeks, the spot price of BTC has soared over 40%, bottoming at around $15,300 registered in Q4 2022. Bitcoin has now risen to retest $23,300, reaching a new Q1 2023 high.
As history shows, the spike in Bitcoin prices should be at the back of solid support, mainly from heavyweights, including miners and digital asset banks.
Bitcoin miners tend to have big reserves of BTC at any point in time since they need to liquidate from time to time, meeting operation costs. In recent months, following the