Key Takeaways
- Bitcoin miners added 4,000 BTC to reserves since April 2025 despite new all-time highs.
- Daily miner revenue dropped to $34 million, the lowest since April, yet selling remains muted.
- 'Satoshi-era' miners sold just 150 BTC in 2025, compared to nearly 10,000 BTC in 2024.
Bitcoin miners have increased their reserves by 4,000 BTC since April, despite Bitcoin reaching new all-time highs in 2025.
According to on-chain analytics from CryptoQuant, large miners are accumulating rather than selling, with reserves among those holding 100 to 1,000 BTC rising to 65,000 BTC—the highest since November of the previous year.
This trend comes even as miners face financial pressure after the most recent block subsidy halving event, which reduced their per-block revenue by 50%.
Underpaid yet holding
CryptoQuant reports that miners are currently the most underpaid they have been in the last year as daily revenues decline to two-month lows:
“The Daily revenue fell to $34 million on June 22, the lowest since April 20 2025, due to lower transaction fees and the recent decline in the price of Bitcoin.”
Miner outflows have dropped sharply, from a daily peak of 23,000 BTC in February 2025 to about 6,000 BTC in June.
Direct transfers from miners to exchanges also remain low, despite a 3.5% decline in network hashrate over the past 10 days—the largest drop since July 2024.
Satoshi-era miners limit sales
‘Satoshi-era’ miners, some of Bitcoin’s earliest participants, have sold only 150 BTC so far in 2025, compared to nearly 10,000 BTC in 2024.
CryptoQuant highlights this as a significant shift:
“Historically, old miners from the Satoshi-era usually move their coins after a strong price rally, indicating a potential market top.”
