According to Cointelegraph, Bitcoin miners are exhibiting unusual behavior as the cryptocurrency reaches new all-time highs in 2025. Large mining operations are increasing their reserves, while veteran miners from the 'Satoshi-era' have significantly reduced their sales compared to the previous year. Despite the surge in Bitcoin's price, research indicates that miners are facing financial challenges, being described as 'extremely underpaid' at current market rates.
Since April, Bitcoin miners have added 4,000 BTC to their reserves, even as the price of Bitcoin hits record levels. A recent study by CryptoQuant highlights a notable decrease in sales from miners who have been active since the early days of Bitcoin. These miners are holding onto their reserves despite the financial strain, as daily revenues have dropped to two-month lows. On June 22, daily revenue fell to $34 million, the lowest since April 20, 2025, due to reduced transaction fees and a decline in Bitcoin's price.
The Bitcoin network's hashrate has decreased by 3.5% over the past ten days, marking the largest reduction since July 2024, following the latest block subsidy halving event that cut miner revenue per block by 50%. Despite lower revenues, miner selling remains subdued. Outflows have decreased from a daily peak of 23,000 BTC in February 2025 to approximately 6,000 BTC currently. Additionally, there have been no days with exceptionally high outflows since February, and direct transfers from miners to exchanges have stayed low.
CryptoQuant attributes the miners' tendency to hold onto their Bitcoin to their overall 48% operating margin. Miners holding between 100 and 1,000 BTC have collectively increased their reserves by 4,000 BTC to 65,000 BTC since April's local price lows. This marks the highest reserve level since November of the previous year, when selling intensified as Bitcoin surpassed its previous all-time high of $73,800.
In a departure from tradition, 'Satoshi-era' miners are opting to hold their Bitcoin despite the high prices. Historically, these miners would sell during bull market rallies, signaling a potential market peak. However, in 2025, they have sold only 150 Bitcoin, a stark contrast to the nearly 10,000 Bitcoin sold in 2024. This shift suggests a change in strategy among the oldest participants in the Bitcoin mining community.
Earlier in June, Cointelegraph noted a classic 'buy' signal from the Hash Ribbons metric, which identifies periods of miner capitulation to determine local Bitcoin price bottoms. This article does not offer investment advice or recommendations, and readers are encouraged to conduct their own research before making investment decisions.
