Key Takeaways:
Bitcoin miner transactions now account for just 3.3% of total on-chain activity.
This marks the lowest miner share since November 2022, during the last market bottom.
Analysts suggest miners may be hoarding BTC in anticipation of higher prices.
Bitcoin miner participation in on-chain transactions has fallen to its lowest level in over 18 months, according to data shared by Sentora. As of this week, miner-related transactions make up only 3.3% of all Bitcoin on-chain activity — a level not seen since November 2022, the period widely recognized as the bottom of the last crypto bear market.
Miners Shift from Selling to Holding
A reduced presence of miners in transaction flow typically indicates that they are less inclined to sell and more likely to hold their mined BTC, expecting prices to rise further. This wait-and-see approach aligns with current market dynamics, where Bitcoin trades just below its all-time high, hovering near the $109,000–$110,000 range.
The historical comparison to November 2022 is notable. That period marked extreme market pessimism following major collapses like FTX, and miner activity was similarly subdued. Today’s decline in miner activity may reflect not fear, but strategic accumulation amid renewed bullish sentiment.
Market Implications
If miners are indeed withholding supply, it may contribute to reduced sell pressure, potentially supporting higher prices. However, this also implies that short-term liquidity may tighten, which could amplify price volatility if larger players or institutions initiate major moves.
As Bitcoin approaches key psychological and technical levels, miner behavior is being closely monitored as a sentiment indicator. The current data suggests that miners remain optimistic, possibly waiting for a more favorable price environment before liquidating their holdings.
