BTC Miners Add 4,000 BTC to Reserves Despite All-Time Highs
Despite Bitcoin reaching a new all-time high in early 2025, miners are adding to their reserves while “Satoshi-era” miners significantly reduce sales compared to last year, research indicates. However, miners remain “extremely underpaid.”
Key Findings: A Contradictory Trend
- BTC miners accumulated 4,000 BTC since April despite price reaching new highs.
- Sales from original Bitcoin miners decreased dramatically compared to 2024.
- Miners are holding Bitcoin despite daily revenues reaching two-month lows.
“Extremely Underpaid” Miners Show Resilience
Despite BTC hovering near its all-time high and a recent 50% reduction in block subsidy following a halving, miners remain reluctant to sell their reserves.
“Bitcoin miners are the most underpaid they have been in the last year as daily revenues decline to two-month lows,” said CryptoQuant in its latest Weekly Report, citing a June 22 low of $34 million in daily revenue.
Miner revenues fell to $34 million, the lowest since April 20 2025, due to lower transaction fees and a Bitcoin price decline.
The Bitcoin network hashrate has dropped 3.5% over the past 10 days, CryptoQuant notes, the largest drawdown since July 2024.
However, according to CryptoQuant, miner outflows have dropped dramatically—from a daily peak of 23K BTC in February 2025 to about 6K BTC as recently measured.
Miner outflows dropped significantly from a daily peak of 23K BTC in February 2025 to around 6K BTC currently, with no returns to extremely high levels since February.
Large Miners and Operating Margin Pressures
A 48% operating margin suggests mining conditions remain financially challenging, driving what CryptoQuant identifies as a “hodl” trend.
The largest miners have noticeably increased their reserve stockpiles. Since April’s local price lows, entities holding Bitcoin reserves between 100 and 1,000 BTC increased savings by 4,000 BTC to reach an aggregate 65,000 BTC—a substantial accumulation since November 2024.
“Satoshi-era” Miners Adhere to New Norm
In a notable divergence from traditional patterns, original Bitcoin era miners have largely eschewed selling in this bull market.
“Selling from Satoshi-era miners remains at low levels. These miners have sold only 150 Bitcoin so far in 2025, compared to nearly 10K Bitcoin in 2024,” reported CryptoQuant.
Historically, old miners moved coins after strong price rallies, suggesting a potential market top; however, no such transfer volume is observed in 2025.
This behavioral contrast highlights the ongoing difficulties facing miners despite the persistently high price of Bitcoin. The traditional “sell on strength” narrative from long-term holders does not appear to be dominating this market cycle.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
