A recent report from CryptoQuant indicates that Bitcoin miners continue to hold onto their assets despite declining revenues and falling prices.
Declining Miner Revenues
According to CryptoQuant, miner revenues dropped to $34 million on June 22, marking the lowest level since April. The decline was attributed to falling transaction fees and a subdued Bitcoin price. The network’s hashrate also dipped by 3.5% since mid-June, marking its sharpest decline in nearly a year.
Holding Assets and Lack of Sales
Outflows from miner wallets have shrunk dramatically—from 23,000 BTC per day in February to just 6,000 now. Notably, no significant transfers to exchanges were recorded, suggesting a minimal desire to liquidate holdings at current levels. Even early adopters known as 'Satoshi-era' miners are barely moving their coins. Only 150 BTC have been sold from these dormant wallets in 2025, compared to 10,000 last year.
Bitcoin Market Outlook
Meanwhile, mid-sized mining operations are quietly accumulating Bitcoin. Wallets holding between 100 and 1,000 BTC have added 4,000 BTC since March, hitting their highest collective balance since late 2024. CryptoQuant notes that miners seem content to weather the downturn, relying on reserves or patience rather than selling. Their restraint is helping stabilize the market and reinforces a long-term bullish outlook for Bitcoin.
In conclusion, despite declining revenues and prices, Bitcoin miners continue to hold onto their assets. This suggests hopes for market recovery and a reluctance to rush into sales.
