Basic Points:
-
Bitcoin miners show rare behavior because BTC price action repetitive all the time high in 2025.
-
Large miners add to their reserves, while the oldest participants have dropped sales compared to 2024.
-
Miners are however “super underpaid” at current prices, research says.
Bitcoin (Btc) Miners have added 4,000 BTCs to their reserves since April, despite new BTC prices all the time.
New research From the Onchain Analytics platform on Thursday also points to a dramatic slowing down the “Satoshi -ra” miners’ sales.
“Super underpaid” Bitcoin miners refused to sell
Bitcoin miners hold their BTC reserves despite being “overly paid” at current prices.
According to cryptoquant findings, conditions for miners remain difficult despite BTC/USD trading within a few percent of all time high.
“Bitcoin miners are the most underpaid they were last year as the daily income decreases to two months lows,” he wrote in the latest weekly report.
“The day -to -day income fell to $ 34 million on June 22, the lowest since April 20 2025, due to lower transaction fees and the recent denial of bitcoin prices.”
The Bitcoin network hashrate refused 3.5% in the past 10 days. It represents the largest drawdown since July 2024, following the latest block subsidy halving event, cutting the Miner revenue per block of 50%.
“However, the sale of the miner is still mute despite the lower revenues,” the report continued.
“Miner’s streams dropped from a sunset of 23k BTC in February 2025 to approximately 6k BTC to this day. In addition, there are still no days with a very high flow from February, and Bitcoin has been moved directly from miners to exchanges has remained low.”
The cryptoquant suggests that the overall 48% operating margin of the miners is responsible for the “Hodl” trend.
Miners holding between 100 and 1,000 BTCs are, in combined Local Price of BTC. It has been the highest since November last year, when the sale rose as Bitcoin destroyed old all-time highs of $ 73,800.
“Satoshi -ra” Miner Flip in Hodl Mode
Despite the high prices, the oldest miners are falling in the backer this year. Instead of selling at rallies in the bull market, “Satoshi -ra” miners keep the distribution of a minimum, even compared to 2024.
Related: Bitcoinbulls ” in Contro “as BTC prices act at $ 108k
“The sale from Satoshi -ra’s miners remains at a low level. These miners sell only 150 Bitcoin until 2025, compared to nearly 10K Bitcoin in 2024,” the cryptoquant reported.
“Historically, old miners from Satoshi -ra usually move their coins after a strong price rally, indicating a potential top of the market.”
Earlier in June, Cointelegraph reported In a classic “buy” signal from the hash ribbons metric, which monitors the miner’s capitulation periods to define local BTC prices.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
