Bitcoin miner balance drops below 1.81 million BTC

According to Glassnode, Bitcoin miner balances have declined from around 1.84 million BTC in early 2023 to nearly 1.8 million BTC in May 2024. This decrease indicates that miners have increased selling to cover operating costs, which could be exacerbated by the decrease in block rewards following the halving. Transaction fees spiked after the halving, accounting for 75% of miners' revenue, as miners adapted to lower block rewards by relying more on transaction fees. This shift indicates a fundamental change in miners' revenue streams and could impact their future strategies.