As Bitcoin’s price continues to set new all-time highs in 2025, miner behaviour is shifting dramatically. Rather than capitalising on the surge, major players in the mining industry are choosing to accumulate Bitcoin, while the oldest holders—known as “Satoshi-era” miners—are showing near-unprecedented levels of restraint.

According to new research from on-chain analytics firm CryptoQuant, Bitcoin miners are displaying “rare behaviour” as they opt to increase reserves rather than offload holdings, despite mounting financial pressure.

Largest Miners Increase BTC Holdings

Since April 2025, miners have added approximately 4,000 BTC to their reserves, taking the total to 65,000 BTC. This marks the highest collective holding since November 2024, when a brief selling wave followed Bitcoin’s rally past the previous all-time high of $73,800.

Interestingly, this buying behaviour is not limited to small players. CryptoQuant’s data shows that miners holding between 100 and 1,000 BTC are leading this trend, reflecting strong confidence in the asset’s long-term value. The shift in strategy comes even as Bitcoin’s price has climbed above $107,000.

Bitcoin Miner Total Outflows (screenshot). Source: CryptoQuant

The report notes that miner selling has dropped significantly, with outflows falling from a daily peak of 23,000 BTC in February 2025 to around 6,000 BTC in recent weeks. Transfers from miners directly to exchanges are also at historically low levels.

Despite Record Prices, Miners Remain “Underpaid”

This holding behaviour comes at a cost. According to CryptoQuant, Bitcoin miners are currently experiencing one of their least profitable periods in the past year. Daily revenues have slumped to $34 million as of June 22—the lowest since April 20—due to a combination of lower transaction fees and a modest dip in BTC/USD prices.

“Bitcoin miners are the most underpaid they have been in the last year as daily revenues decline to two-month lows,” the report notes.

The network’s hashrate—a key measure of mining activity—has also declined by 3.5% over the past ten days. This is the sharpest drawdown since July 2024, following the most recent Bitcoin halving event, which slashed block rewards by 50% and significantly impacted miners’ income streams.

Despite these economic pressures, CryptoQuant suggests that the average miner’s 48% operating margin is enough to encourage continued accumulation. This indicates that many miners remain optimistic, preferring to hold their assets in anticipation of further price appreciation rather than cashing out prematurely.

“Satoshi-era” Miners Shift Strategy

Perhaps the most notable change is among the earliest Bitcoin miners, often referred to as “Satoshi-era” miners. These participants, who acquired BTC in Bitcoin’s earliest years, typically move their coins during strong bull markets, often signalling a market top.

However, 2025 has broken from this tradition. CryptoQuant reports that Satoshi-era miners have sold just 150 BTC this year—a stark contrast to the 10,000 BTC they offloaded in 2024. This year’s figures represent a dramatic slowdown in distribution from these historic holders.

“Historically, old miners from the Satoshi-era usually move their coins after a strong price rally, indicating a potential market top,” the report states. “Selling from Satoshi-era miners remains at low levels.”

This behaviour suggests that even the most seasoned Bitcoin holders see further upside potential in the current cycle. Their restraint may also serve to boost market confidence, reducing perceived sell pressure and reinforcing bullish sentiment among newer investors.

Miner Capitulation Gives Way to Bullish Indicators

Adding further weight to the positive outlook, earlier this month, CryptoQuant highlighted a classic “buy” signal from the Hash Ribbons metric. This tool, which tracks miner capitulation periods to identify local price bottoms, now suggests that a fresh upward phase may be underway.

Hash Ribbons historically indicate that when weaker miners shut down operations due to unprofitability and stronger miners consolidate, the market is likely approaching a recovery or new rally.

Bitcoin Satoshi-era Miner netflows (screenshot). Source: CryptoQuant

The combination of reduced miner outflows, increased holdings by mid-sized miners, and extremely low selling from Satoshi-era wallets paints a picture of growing conviction in the long-term value of Bitcoin—even at record price levels.

Conclusion

While Bitcoin’s rapid ascent in 2025 could logically invite significant profit-taking, the opposite appears to be occurring. Faced with reduced revenues and operating in a post-halving environment, miners are nonetheless accumulating BTC and tightening their grip on existing reserves.

The behaviour of Satoshi-era miners in particular marks a notable deviation from historical norms. Their near-complete withdrawal from the market hints at continued bullishness and could help sustain Bitcoin’s upward trajectory in the months ahead.

As the crypto market watches closely, one thing is clear: miners—past and present—are betting big on Bitcoin’s future.