History is always surprisingly similar yet hides secrets. 'Satoshi Nakamoto era' miners have always been market barometers; they are accustomed to transferring tokens after price surges, an action often seen as a signal of market peaks.
In 2024, when Bitcoin breaks past previous highs, this group of 'ancient whales' decisively sold nearly 10,000 BTC, accurately escaping the peak. However, in 2025, the plot twists: despite BTC prices hitting new highs, they remained motionless, selling only 150 BTC throughout the year, nearly entering a 'zero sale' state.
The report bluntly states: 'The actions of these miners are key indicators for market predictions. The silence in 2025 suggests that the top is far from here.'
Large miners are secretly bottom-fishing: 4,000 BTC covertly stocked.
While ancient miners sleep, modern mining giants are frantically buying. Since the price correction of Bitcoin in April 2025, miners holding 100-1000 BTC collectively increased their holdings by 4,000 BTC, raising their total reserves to 65,000 BTC, setting a new high since November last year.
The daily outflow of miners has plummeted from a peak of 23,000 BTC in February to 6,000 BTC, directly reverting to 2023 levels. On one side, 'old money' is reluctant to sell, while 'new money' is hoarding—collective lockup in the miners' camp is draining market liquidity.
Strange divergence: miners 'bleed losses' yet stubbornly refuse to sell?
Behind the anomaly lies an even more astonishing contradiction. Despite Bitcoin prices being high, miners' actual earnings have plummeted to freezing point:
On June 22, daily income was only 34 million USD, hitting a two-month low;
Mining revenue has halved due to block reward halving, compounded by continued low transaction fees;
The total network hash rate plummeted 3.5% in 10 days, forcing some small mining farms to shut down.
'Miners are in the most undervalued moment in a year, yet they still refuse to sell,' CryptoQuant emphasized in its report.
Better to shut down than sell coins—this 'irrational' persistence is driven by miners sensing a more important opportunity than short-term cashing out: a price surge under liquidity exhaustion.
Hoarding era: Exchanges have been emptied, institutions devour chips.
The silence of miners is just the tip of the iceberg in the 'Great Bitcoin Disappearance Era.' Three on-chain signals indicate that circulating chips are being permanently locked.
Exchange BTC reserves have fallen to a three-year low, shrinking by 30% compared to three years ago, resembling 'empty supermarket shelves';
Whale addresses surged by 231 in 10 days, while retail wallets decreased by 37,465;
Institutions are daily devouring 2,761 BTC through the ETF channel, with total holdings surpassing 830,000.
Even more shocking is: stablecoin ammunition is poised to launch. Exchange stablecoin reserves have reached 45 billion USD, ready to be converted into buying fuel. As spot holdings dwindle, while 'bullets' accumulate, a liquidity crisis is silently fermenting.
Ultimate revelation: Silent breeding of a wild market.
Historical patterns tell us: when the last cheap Bitcoin is locked in a cold wallet, it is the moment for prices to soar.
The 'anomalies' of miners in the Satoshi Nakamoto era are by no means coincidental. They have experienced several bull and bear cycles, deeply understanding the jungle law that 'not selling is the biggest bullish move.' And now:
Miner reserves have fallen to multi-year lows, with selling pressure exhausted;
Long-term holders have entered a 'meditative mode', with the proportion of dormant coins over 150 days continuing to rise.
Exchanges have become a withdrawal transfer station, and the game of stock has shifted to stock competition.
This extreme silence often serves as a prelude to an epic market.
The words engraved by Satoshi Nakamoto in the genesis block still echo on the chain: 'The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.'
As traditional finance nears collapse, Bitcoin becomes the last Noah's Ark.
Today, the 'ancient miners' declared to the world with a sale of 150 BTC: true holders are waiting for a price far higher than now. And you, will you choose to exit early or hold on tightly to your chips?
The giant whales remain silent, the bull market does not die. Follow for updates, check the homepage, and I will guide you to catch this wave of wealth!