Miners from the Satoshi Era Halt Bitcoin Sales Amidst Rising Reserves

Bitcoin miners have increased their reserves by 4,000 BTC since April, despite a decline in revenue. At the same time, participants from the «Satoshi era» have shifted towards accumulation, according to a report from CryptoQuant.

Analysts noted that daily earnings for miners have dropped to $34 million, the lowest level since April 20, 2025. The decline is attributed to lower transaction fees and the recent falling price of Bitcoin. Over the past ten days, the network’s hash rate decreased by 3.5%.

However, miners are not rushing to sell their digital assets. The outflow of coins from their wallets has declined from a peak of 23,000 BTC per day in February 2025 to around 6,000 BTC now. Direct transfers of Bitcoin from miners to exchanges also remain low.

CryptoQuant suggested that this trend towards asset retention among miners is related to a high operational margin of approximately 48%.

Wallet holders with balances between 100 and 1,000 BTC have increased their reserves by 4,000 BTC since April. They currently hold 65,000 BTC, the highest amount since November of last year.

Miners from the «Satoshi era» have minimized their sales, selling only 150 BTC in 2025. In comparison, they sold nearly 10,000 BTC in 2024.

Historically, older miners tended to sell coins after significant price increases, indicating potential market peaks.

As a reminder, since the beginning of June, the first cryptocurrency miners have earned approximately $7 million from transaction fees, accounting for just 0.97% of a total revenue of $722.8 million.