Bitcoin’s annual supply inflation has dropped below 1%, reaching 0.88% following the latest halving. Miner reserves have declined to approximately 1.19 million BTC, reflecting a longer-term decrease in their holdings. This decline is driven by the halving of block rewards, which reduces mining revenue, while electricity, equipment and maintenance costs remain constant. Large withdrawals do not necessarily indicate selling, as miners may also move Bitcoin between their own wallets, transfer to custody services, use it as collateral or complete private transactions. Traders should however monitor this trend, as significant movements to exchanges could increase available supply and create short-term sell pressure.
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