In a significant shift that could alter the trajectory of Bitcoin’s price, miners are no longer selling — they’re accumulating. This marks the end of a months-long distribution phase and may signal renewed confidence in the world’s largest cryptocurrency as it hovers around the $75,000 mark.

From Selling to Stacking Sats

According to recent data from on-chain analytics firm Glassnode, Bitcoin miner wallet balances have grown by approximately 2,708 BTC between April 12 and May 13. While this represents a modest 0.15% increase, the trend reversal is what’s raising eyebrows. After consistent selling since late 2023, miners are finally adding to their reserves.

This behavior marks a return to accumulation just weeks after Bitcoin dipped to multimonth lows. As BTC/USD found support just below $75,000, miners seemed to draw a line in the sand — and began holding rather than selling.

Why It Matters

Miners are among the most significant sources of Bitcoin supply. When they sell, they add downward pressure to the market. When they hold, that pressure eases — and supply tightens. Combine that with institutional buying (such as spot Bitcoin ETFs) already outpacing new BTC issuance, and you have the recipe for a potential supply squeeze.

In fact, this is now the lowest level of miner selling pressure since early 2024, as noted by Cointelegraph. It’s a shift that has not gone unnoticed by analysts and traders.

Hash Ribbons Flash "Buy"

One of the most respected technical indicators for miner activity, the Hash Ribbons, is still flashing a "buy" signal. Developed by Capriole Investments, this metric tracks miner stress and recovery by analyzing moving averages of hashrate. Since its most recent signal in late March, Bitcoin has gained nearly 20%.

Popular crypto investor Mister Crypto highlighted the continuing strength of the hash ribbon signal, pointing to further potential upside in May. If history rhymes, Bitcoin could be gearing up for another leg up — especially with miner behavior and market sentiment aligning.

A New Chapter Post-Halving

This trend comes shortly after Bitcoin’s fourth halving, which reduced block rewards from 6.25 BTC to 3.125 BTC. Despite higher operational pressure, miners appear to be betting on a rising market rather than rushing to sell their coins.

Conclusion

While the raw numbers might seem small, the shift in miner behavior is anything but. In crypto, trends often matter more than totals. And if miners — the very creators of new Bitcoin — are holding their coins tighter than ever, that’s a powerful vote of confidence.

As supply tightens and demand holds strong, the stars may be aligning for Bitcoin’s next move. But as always, investors should tread wisely, armed with research and risk management — because in crypto, certainty is the rarest coin of all.