Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin Miners May Be Increasing Reserves Amid All-Time Highs Despite Revenue Challenges

Bitcoin Miners May Be Increasing Reserves Amid All-Time Highs Despite Revenue Challenges

CoinotagCoinotag2025/06/26 13:24
By:Jocelyn Blake
  • Bitcoin miners are defying conventional market behavior by increasing their BTC reserves amid the cryptocurrency’s repeated all-time highs in 2025.

  • Large-scale miners, including those from the earliest “Satoshi-era,” are significantly reducing their sales, signaling a strategic shift toward accumulation rather than profit-taking.

  • According to CryptoQuant, despite miners being “extremely underpaid” due to declining daily revenues, their selling activity remains remarkably subdued, highlighting a strong conviction in Bitcoin’s long-term value.

Bitcoin miners increase holdings despite price highs and revenue challenges, with Satoshi-era miners notably reducing sales in 2025, signaling a bullish accumulation trend.

Bitcoin Miners Accumulate BTC Reserves Despite Revenue Pressures

In 2025, Bitcoin miners have exhibited an unusual market stance by bolstering their BTC reserves even as prices reach new peaks. Data from CryptoQuant reveals that miners have added approximately 4,000 BTC to their holdings since April, a period marked by repeated all-time highs for Bitcoin. This accumulation occurs against a backdrop of declining daily miner revenues, which fell to $34 million on June 22 — the lowest in two months — primarily due to reduced transaction fees and a slight dip in BTC price.

The Bitcoin network hashrate has also experienced a 3.5% decline over the past ten days, the most significant drop since the July 2024 halving event that halved miner rewards. Despite these challenges, miner selling has decreased sharply from a peak of 23,000 BTC daily outflows in February 2025 to around 6,000 BTC currently. This muted selling behavior suggests miners are prioritizing long-term accumulation over short-term gains, supported by an estimated 48% operating margin that sustains their operations amid revenue pressures.

Reduced Miner Outflows Signal Confidence in Bitcoin’s Future

CryptoQuant’s analysis highlights a sustained reduction in Bitcoin miner outflows, with no days of exceptionally high sales since February 2025. This trend is further underscored by the low volume of BTC transfers from miners directly to exchanges, indicating a reluctance to liquidate holdings. Miners controlling between 100 and 1,000 BTC have collectively increased their reserves to 65,000 BTC since April, marking the highest accumulation since November 2024 when Bitcoin surpassed its previous all-time high of $73,800.

This shift towards accumulation amid challenging market conditions reflects a broader sentiment among miners that current prices undervalue their operational costs and future potential. The strategic decision to hold rather than sell positions miners to benefit from anticipated price appreciation while maintaining network security through sustained mining activity.

Satoshi-era Miners Adopt a Conservative Selling Strategy in 2025

Notably, miners from the “Satoshi-era,” who have historically been more active sellers during price rallies, are adopting a markedly conservative approach this year. CryptoQuant reports that these veteran miners have sold only 150 BTC in 2025, a stark contrast to nearly 10,000 BTC sold in 2024. This deviation from past behavior suggests a recalibration of market expectations and a possible indication of confidence in Bitcoin’s sustained growth trajectory.

Historically, increased selling from Satoshi-era miners has often preceded market tops, making their current restraint a significant bullish signal. This behavioral shift aligns with broader market indicators, such as the Hash Ribbons metric, which recently signaled a classic “buy” opportunity following miner capitulation phases. Such metrics provide valuable insights into miner sentiment and potential price bottoms, reinforcing the narrative of a strengthening Bitcoin market.

Implications for Bitcoin Market Dynamics and Investor Strategy

The evolving behavior of Bitcoin miners, especially the increased accumulation and reduced selling from historically active participants, has important implications for market dynamics. Reduced miner outflows contribute to lower sell-side pressure, potentially supporting price stability or further appreciation. For investors, this trend underscores the importance of monitoring miner activity as a key indicator of market health and sentiment.

Furthermore, the sustained operational margins despite revenue challenges highlight the resilience of the mining sector, which remains a critical component of Bitcoin’s decentralized infrastructure. Investors and analysts should consider miner behavior alongside traditional technical and fundamental indicators to gain a comprehensive understanding of market trends.

Conclusion

Bitcoin miners are demonstrating a notable shift towards accumulation in 2025, even as daily revenues decline and network hashrate experiences temporary setbacks. The marked reduction in sales from Satoshi-era miners further emphasizes a growing confidence in Bitcoin’s long-term value proposition. This strategic holding behavior by miners reduces market sell pressure and may contribute to sustained price strength. As the mining sector adapts to evolving economic conditions, monitoring their activity will remain essential for understanding Bitcoin’s market trajectory and making informed investment decisions.

In Case You Missed It: GameStop’s Bitcoin Treasury Strategy Faces Uncertainty Amid Retail Decline and Market Volatility
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Injective Launches $SBET, Tokenizing SharpLink Shares

Injective introduces $SBET, tokenizing SharpLink shares, marking a major step in digital asset treasury innovation.What Is $SBET and Why Does It Matter?Injective’s Vision for Tokenized Finance

Coinomedia2025/07/25 07:50

Trump Signals Rate Cuts After Powell Meeting

Trump expresses confidence that interest rates will fall soon, hinting at a market surge driven by retail momentum.Trump Hints at Coming Rate CutsWhy Lower Rates Matter for CryptoPerfect Timing for a Retail Comeback?

Coinomedia2025/07/25 07:50