Key Takeaways
- Bitcoin miners added 4,000 BTC to reserves since April 2025 regardless of new all-time highs.
- Day by day miner income dropped to $34 million, the bottom since April, but promoting stays muted.
- ‘Satoshi-era’ miners bought simply 150 BTC in 2025, in comparison with almost 10,000 BTC in 2024.
Bitcoin miners have elevated their reserves by 4,000 BTC since April, regardless of Bitcoin reaching new all-time highs in 2025.
Based on on-chain analytics from CryptoQuant, giant miners are accumulating fairly than promoting, with reserves amongst these holding 100 to 1,000 BTC rising to 65,000 BTC—the very best since November of the earlier yr.
This development comes whilst miners face monetary strain after the latest block subsidy halving occasion, which decreased their per-block income by 50%.
Underpaid but holding
CryptoQuant reviews that miners are at present probably the most underpaid they’ve been within the final yr as each day revenues decline to two-month lows:
“The Day by day income fell to $34 million on June 22, the bottom since April 20 2025, because of decrease transaction charges and the latest decline within the value of Bitcoin.”
Miner outflows have dropped sharply, from a each day peak of 23,000 BTC in February 2025 to about 6,000 BTC in June.
Direct transfers from miners to exchanges additionally stay low, regardless of a 3.5% decline in community hashrate over the previous 10 days—the biggest drop since July 2024.
Satoshi-era miners restrict gross sales
‘Satoshi-era’ miners, a few of Bitcoin’s earliest contributors, have bought solely 150 BTC thus far in 2025, in comparison with almost 10,000 BTC in 2024.
CryptoQuant highlights this as a big shift:
“Traditionally, outdated miners from the Satoshi-era normally transfer their cash after a powerful value rally, indicating a possible market high.”