Bitcoin Miners Hold Steady at All-Time High; Satoshi-Era Sales Drop to 150 BTC
As Bitcoin (BTC) reached record highs in June 2025, miner behavior shifted markedly: overall miner outflows have slumped from daily peaks of 23,000 BTC in February to about 6,000 BTC today, while Satoshi-era miners sold just 150 BTC year-to-date versus nearly 10,000 BTC in 2024. On-chain analysis by CryptoQuant shows miners’ daily revenue fell to its lowest since April 2025—around $34 million—due to lower transaction fees and a recent 50% block subsidy halving. Despite a 3.5% drop in network hashrate over ten days, miners added 4,000 BTC to reserves since April, pushing holdings by small-to-mid-sized operations (100–1,000 BTC) to 65,000 BTC—a level unseen since last November. CryptoQuant attributes this “HODL” trend to miners’ combined 48% operating margin and reluctance to sell into tight supply conditions, suggesting strong confidence ahead of a potential market top.
Bullish
Reduced miner outflows and increased HODLing at all-time price highs indicate miners’ confidence in further BTC appreciation. Historical patterns show that supply withholding by miners can tighten market liquidity and fuel price rallies. Despite lower daily revenue post-halving, sustained reserve accumulation—especially by Satoshi-era and mid-sized miners—suggests bullish sentiment that may support both short-term price stability and long-term upward momentum.