Miners Collective Lockup! What Secrets Lie in the Bitcoin Market?
Recent significant changes have occurred in the Bitcoin market, with the collective lockup behavior of miners becoming the focus, profoundly impacting market dynamics. The 'Ancient Miners' of the 'Satoshi Era' have seen a massive shift in trading strategies. When Bitcoin broke previous highs in 2024, they sold nearly 10,000 BTC to precisely escape the peak; however, in 2025, even as BTC prices reached new highs, they sold only 150 coins throughout the year, nearly 'zero selling,' indicating that the market peak may not have arrived yet. Meanwhile, modern mining giants have begun reverse operations. Following the Bitcoin price correction in April 2025, miners holding 100 - 1000 BTC collectively increased their holdings by 4,000 coins, raising total reserves to 65,000 coins, reaching a new high since November last year, and the daily outflow of miners has also significantly decreased. The unusual behavior of miners stems from the contradiction between profit and perseverance. Despite Bitcoin prices being high, actual miner earnings have plummeted, with daily income hitting a two-month low, and mining revenue halved due to block rewards. The overall network hash rate also dropped by 3.5% within ten days, forcing some small mines to shut down. Nevertheless, they still refuse to sell, simply because they are optimistic about a potential price surge due to depleted liquidity. From a market-wide perspective, Bitcoin is entering the 'Great Disappearance Era.' Exchange BTC reserves have fallen to a three-year low, shrinking by 30% compared to three years ago; the number of whale addresses has surged by 231 in ten days, while retail wallets decreased by 37,465; institutions are swallowing 2,761 BTC daily through ETF channels, with total holdings surpassing 830,000 coins, and exchange stablecoin reserves reaching $45 billion, ready to be converted into buying power at any time. These signals indicate that circulating chips are being locked up in large quantities, and a liquidity crisis is brewing. Historical patterns show that when market selling pressure exhausts and long-term holders enter 'Zen Mode,' epic market movements often follow. This collective lockup behavior of miners may well be the prelude to a new round of Bitcoin price surges.
