Miners play a crucial role in the Bitcoin network, as they are responsible for validating and confirming blocks that are permanently integrated into the blockchain.
They currently earn 3.125 BTC per block after the recent halving, generating around 450 BTC per day.
Over time, these key players have become highly professionalized, evolving into large-scale industrial operators. They are also major BTC holders—second only to centralized exchanges (CEXs).
We can track miner holdings using CryptoQuant’s “Bitcoin: Miner Reserve – All Miners”. Over the past year, reserves have remained remarkably stable: from 1,808,315.422 BTC on Dec 25, 2024, to 1,808,673.881 BTC on May 3, 2025.
Chart 1 and 2
Such minimal change reflects clear holding behavior. But why would miners hold if they are typically forced to sell?
Miners need to sell to cover operational costs—electricity, equipment, staff. Still, holding BTC signals expectation of future appreciation. It suggests they are waiting for significantly higher prices before selling, showing confidence in a post-halving bullish phase.
Miners are experienced holders. Historically, they reduce reserves near market cycle tops—a scenario not yet seen in this cycle.
The Puell Multiple helps assess this. It measures daily USD revenue against the 365-day average. Values above 2 often align with peak selling and cycle tops.
Chart 3
Currently, the Puell Multiple remains moderate, implying miners do not see conditions yet for large-scale selling.
Conclusion
Miners’ current behavior—stable reserves and modest Puell levels—sends a clear signal: they don’t believe we’ve reached a cycle top. Their patient stance reflects a strategy to sell during extreme euphoria, not before.
This calm among one of Bitcoin’s most price-sensitive participants suggests they anticipate further upside. As long as they don’t sell in large volumes, the market still has room to breathe—and possibly to continue moving higher.
Signed by Carmelo Alemán
Written by Carmelo_Alemán
