Miners face revenue decline but maintain reserves: Signs of confidence in Bitcoin?

Despite the challenging environment for Bitcoin miners, recent data shows that confidence in the digital asset remains strong, especially among the so-called 'Satoshi era miners.' In 2025, even in the face of tighter margins, these historical miners sold only 150 BTC — a minimal fraction, considering that many of these tokens have been inactive for over a decade.

At the same time, large-scale miners seem to be doubling down on their bets: since April, they have accumulated around 4,000 BTC, a move that suggests anticipation of future appreciation or a hedging strategy in light of global macroeconomic uncertainties.

This aggressive retention occurs even with the decrease in mining rewards following the most recent halving and in the face of volatility in energy costs. The conservative behavior of miners may indicate that, internally, the sector still sees potential for price growth, especially with the growing institutional adoption, regulatory advancements, and the entry of new ETFs into the market.

For investors, the most important data point may be the implicit market reading in these movements: if even the miners, who rely on the sale of BTC, are holding onto their coins, perhaps they know something that the broader market has yet to price in.

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