Key Takeaways:
- Bitcoin miners have added 4,000 BTC to reserves since April, despite declining revenue and surging BTC prices.
- Miner outflows and selling pressure remain muted, with exchange transfers and total BTC outflows hitting multi-month lows.
- Satoshi-era miners are unusually quiet, indicating a possible shift in sentiment even among Bitcoin’s oldest participants.
Bitcoin miners are demonstrating an unusually strong conviction in the cryptocurrency’s long-term value. New data from CryptoQuant reveals that miners have collectively added 4,000 BTC to their reserves since April, even as the price of Bitcoin trades near all-time highs and miner revenues plummet.
Miners Hold Despite Being “Underpaid”
According to CryptoQuant’s latest Weekly Report, miners are currently “extremely underpaid,” with daily revenues dropping to a two-month low of $34 million as of June 22, 2025. This drop is largely attributed to reduced transaction fees and the post-halving decline in block rewards.
Despite this financial squeeze, miners are resisting the urge to sell. Total BTC outflows from miners have dropped dramatically from 23,000 BTC daily in February to around 6,000 BTC today. Transfers from miners directly to exchanges have also remained low, signaling strong holding sentiment.
Hashrate Drops but Selling Stays Low
The Bitcoin network has seen a 3.5% decline in hashrate over the past 10 days—the sharpest drop since the July 2024 halving event. Yet, this reduction has not triggered widespread sell-offs. CryptoQuant attributes this hodl behavior to miners’ relatively stable 48% operating margin, which is allowing them to remain solvent without liquidating reserves.
Miners holding between 100 and 1,000 BTC have increased their holdings by 4,000 BTC since April, reaching a combined reserve of 65,000 BTC—the highest since November 2024, when miner selling spiked as Bitcoin broke past its previous all-time high of $73,800.
Also Read: After $121 Million Raise, VivoPower Picks XRP as Treasury Asset Over 100+ Bitcoin Companies
Satoshi-Era Miners Buck Historic Trends
Perhaps most notably, so-called “Satoshi-era” miners—early adopters who mined BTC in its infancy—are also holding back. These miners have sold only 150 BTC in all of 2025 so far, compared to nearly 10,000 BTC sold during 2024.
Historically, these long-term holders tend to offload significant amounts of Bitcoin during bull runs, often signaling a market top. The current lack of movement from these wallets suggests a shift in market sentiment and confidence in further upside.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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