CryptoQuant analyst Axel Adler Jr. said holdings in miner-associated over-the-counter addresses dropped from 500,000 BTC to 139,700 BTC, extending a four-year drawdown in reserves.
Bitcoin held in miner-associated OTC (over-the-counter, private off-exchange) addresses has dropped to 139,700 BTC from 500,000 BTC since November 2021, a 72% decline flagged by CryptoQuant analyst Axel Adler Jr. in a July 21 report. The figures point to a sustained reduction in miner reserves over the past four years, indicating a notable change in how much Bitcoin miners keep in these addresses. OTC addresses are commonly watched as a gauge of potential market supply because they can be used for large private transactions outside public exchanges.