Miners' Bitcoin Holdings Decrease While Value in USD Increases

While the amount of Bitcoin in miners' hands continues to decrease, its value against the dollar is increasing.

Miners' Bitcoin Reserves:


In 2019, Bitcoin miners held approximately 2.9 million Bitcoin.This number has been steadily decreasing since then. As of today, miners hold approximately 2 million Bitcoin (source: intotheblock).

Value of Miners' Bitcoin Reserves:

In nominal terms, the amount of BTC they hold has decreased. However, in terms of value, it has reached the 2021 level again.

To illustrate:

On April 5, 2021, miners held 2.37 million Bitcoin, worth approximately $142 billion.
As of today, miners hold approximately 2 million Bitcoin (worth approximately $129 billion).


Conclusion:

After the halving, we can expect miners' reserves to decrease (also to meet the increasing demand).

However, this is not a scary situation. I expect the dollar value of Bitcoin in miners' hands to exceed the previous all-time high in the near future. The reason for this is that the "realised price" (approximately the cost) of Bitcoin will increase after the halving. Overall, this is a data point that we should regularly check to better understand the bull cycle.

TradingView code for tracking the data:

BTC_MINERRESERVESUSD
BTC_MINERRESERVES

Thanks for reading.