Key points:
-
Bitcoin miners exhibit rare behavior as BTC price action repeats its all-time high in 2025.
-
Large miners are increasing their reserves, while the oldest players cut sales, while 2024 cuts sales.
-
Miners are “extremely low-paid” at current prices, the study says.
Bitcoin (BTC) Miners have added 4,000 BTC to their reserves since April, despite the rising prices of new BTC.
New research OnChain Analytics platform CryptoQuant also indicated Thursday that the speed of “Satoshi-era” miner sales has dropped sharply.
“Extremely Salary” Bitcoin miner refuses to sell
Despite being “very high salary” at current prices, Bitcoin miners stick to their BTC reserves.
According to CryptoQuant, although BTC/USD transactions are within a few percent of the all-time high, the conditions for miners are still difficult.
It wrote in its latest weekly report: “Bitcoin miners were the lowest wages last year as daily income fell to two-month lows.”
“Daily revenue fell to $34 million on June 22, the lowest since April 20, 2025 due to lower transaction fees and lower Bitcoin prices.”
Bitcoin network Hashrate has dropped 3.5% over the past 10 days. This is the biggest gradual decrease since July 2024, after the latest block subsidy halving incident that cuts miner income by 50%.
“But despite the lower income, miners’ sales are still in trouble.”
“Miner outflows have dropped from the peak of 23k BTC daily in February 2025 to about 6k BTC today. In addition, no day outflows have been extremely high since February, and Bitcoin has been moved directly from miners to miners to exchanges, which has also remained very low.”
CryptoQuant recommends miners’ overall operating margin of 48% is responsible for the “HODL” trend.
Since April, miners holding 100 to 1,000 BTC have increased their reserves to 4,000 BTC to 65,000 BTC Local BTC price low. This is the highest since last November, when sales increased as Bitcoin’s all-time high was $73,800.
“satoshi-era” miner flips to Hod mode
Despite the high prices, the oldest miners are still breaking this year’s labor. Even compared to 2024, the “Satoshi-era” miners did not sell to bull market rally, but minimized the distribution.
Related: BTC price surges to $108K
“Sales of Satoshi-era miners are still at low levels. These miners have sold only 150 bitcoins so far in 2025, compared with nearly 10k bitcoins in 2024,” CryptoQuant reported.
“Historically, old miners from the Satosh era usually moved coins after strong price rally, indicating a potential market top.”
In early June, Auxiliary device report On the classic “buy” signal of the hash ribbon metric, this signal tracks the miner’s surrender period to define the bottom of the local BTC price.
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
