Miners of the "Satoshi Era" have stopped selling bitcoin

Miners of the first cryptocurrency have increased their reserves by 4000 BTC since April, despite a decline in revenues. At the same time, participants in the "Satoshi era" segment have shifted to accumulation, according to a report by CryptoQuant.

Analysts noted that the daily income of miners has fallen to $34 million — the lowest figure since April 20, 2025. The reason is the decrease in transaction fees and the recent drop in the price of bitcoin. Over the last 10 days, the network's hashrate has decreased by 3.5%.

The stability of profits/losses of Bitcoin miners. Data: CryptoQuant. However, miners are in no rush to sell their digital gold. Outflows of coins from their wallets have fallen from a peak of 23,000 BTC per day in February 2025 to around 6,000 BTC. Direct transfers of Bitcoins from miners to exchanges also remain at a low level.

Total outflow of funds. Data: CryptoQuant. CryptoQuant suggested that the trend of holding assets among miners is related to a high operating margin — around 48%.

Wallet owners with a balance of 100 to 1000 BTC have increased their holdings by 4000 BTC since April. They now hold 65,000 BTC — the highest level since November of last year.

The "Satoshi era" miners have minimized their sales. In 2025, they sold only 150 BTC. In comparison, in 2024, the figure was nearly 10,000 BTC.

Clean flows of miners from the "Satoshi era". Data: CryptoQuant.Historically, "old" miners sold coins after a strong price increase, "which indicated a possible market peak."

As a reminder, since the beginning of June, miners of the first cryptocurrency have received around $7 million from fees — a total of 0.97% of the total revenue of $722.8 million.