Bitcoin price rises above $45,000 as miner selling pressure eases off: CryptoQuant

According to CryptoQuant, on-chain data shows that the largest U.S. publicly traded bitcoin mining companies have continued to increase their bitcoin holdings. For example, CryptoQuant's charts show Marathon Digital's bitcoin holdings have increased steadily over the past few months.

CryptoQuant analysts added that miners are holding on to their reserves despite profits from bitcoin network fees having declined. "Bitcoin miner sell pressure has remained low so far 2024 even after daily fees have collapsed 90% from near record-highs in December. The strong decline in fees is related to lower network activity as a result of less transactions coming from inscriptions and BRC20 token mints," the report added.

According to The Block's Data Dashboard, the rewards that miners are paid for producing valid blocks and processing transactions have decreased from a multi-year high in December.The price of bitcoin has rallied back above the $45,000 mark with the volatile price action causing the liquidation of over $114 million in leveraged cryptocurrency positions.

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