Key Points:
As Bitcoin prices reach new highs in 2025, Bitcoin miners are exhibiting rare behavior.
Large miners are increasing their reserves, while early participants have significantly reduced their sales compared to 2024.
Research indicates that despite this, miners are still "extremely underpaid" at current prices.
Bitcoin (BTC) miners have added 4,000 BTC to their reserves since April, even as BTC prices hit all-time highs.
On-chain analysis platform CryptoQuant noted in a new study on Thursday (June 26) that sales from "Satoshi-era" miners have significantly slowed.
Despite being "extremely underpaid" at current prices, Bitcoin miners continue to hold their BTC reserves.
According to CryptoQuant's findings, although the BTC/USD trading price is close to historical highs, miners' conditions remain difficult.
"Bitcoin miners have had the lowest pay in the past year, as daily income has dropped to a two-month low," it stated in its latest weekly report. "Due to reduced transaction fees and the recent drop in Bitcoin prices, daily income on June 22 fell to $34 million, the lowest level since April 20, 2025."
Bitcoin network hash rate has decreased by 3.5% in the past 10 days. This is the largest drop since July 2024, following the recent block subsidy halving event, which reduced miners' income per block by 50%.
"However, despite the decrease in income, miners' sales remain sluggish," the report continued. "Miner outflows have dropped from a daily peak of 23,000 BTC in February 2025 to about 6,000 BTC today. Additionally, there have been no days of extremely high outflows since February, and Bitcoin transferred directly from miners to exchanges remains at low levels."
CryptoQuant suggests that the overall 48% operating profit margin for miners is the reason for the "holding" trend.
Since the local BTC price low in April, miners holding 100 to 1,000 BTC have collectively increased their holdings by 4,000 BTC to 65,000 BTC. This is the highest level since last November when Bitcoin broke the old historical high of $73,800, leading to increased sales.
Despite high prices, early miners have broken tradition this year. They have not sold during the bull market rebound but have kept their distributions at minimal levels, even lower than in 2024.
CryptoQuant reported that "sales from Satoshi-era miners remain at low levels. These miners have sold only 150 Bitcoins so far in 2025, compared to nearly 10,000 Bitcoins sold in 2024. Historically, Satoshi-era old miners typically move their coins after a strong price rebound, indicating a potential market top."
At the beginning of June, Cointelegraph reported a classic "buy" signal from the hash power band indicator, which tracks miner capitulation periods to define local BTC price bottoms.
Related: Kraken launches "Krak" peer-to-peer payment system for cryptocurrency and fiat transactions
Original: “Satoshi-era miners sold just 150 BTC in 2025 amid all-time highs”
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