Bitcoin Miners Stop Selling Aggressively: Why This Could Be Big for BTC
Key Summary
CryptoQuant's latest report indicates that bitcoin miners' revenues have increased by 78% since July lows, and profitability has improved, leading to a decrease in extreme miner outflows. This change in behavior could positively impact BTC's price due to the removal of consistent selling pressure. Miners are no longer selling aggressively, but have not yet started rebuilding their BTC balances.
Bitcoin Miners Stop Selling Aggressively, Could Boost BTC Price
Changes in Miner BehaviorThe report by CryptoQuant highlights a significant shift in the behavior of bitcoin miners. Their revenues have jumped 78% from the July lows, and profitability has improved. This has led to a decrease in extreme miner outflows, with no such events occurring since August 21. The largest daily outflows were approximately 12,000 BTC, which falls within a normal range according to the analytics company.
Analysis of Miner ActivityThe report also shows that older miners are selling substantially fewer units. Excluding Patoshi-associated BTC, Satoshi-era miners moved approximately 600 units out of their wallets in September, around 70% below January's 2,000 BTC. However, their combined holdings remain close to 590,000 bitcoins.
Modern Miners' BehaviorThe trend extends to larger modern miners as addresses holding between 100 and 1,000 units saw their collective balance drop by about 20%, from roughly 64,000 BTC in December 2025 to 51,000 BTC by early September. However, the figure has since stabilized rather than continuing to decline.
ConclusionThe report concludes that miners are not obligated to sell right now because BTC has rallied 45% from under $58,000 at the start of July to over $83,000 this week. This lifted the total daily miner revenue from $27 million to around $48 million, which shows a 78% increase. Transaction fees also recovered from a seven-day average of $195,000 to $275,000, although they remain far below the peaks seen in 2025. CryptoQuant's Miner Profit/Loss Sustainability Indicator shifted from 'extremely underpaid' between May and August to 'fairly paid' after August 21. This means miners earning enough to cover operating costs need less to liquidate BTC just to stay afloat. Bitcoin's hash rate has recovered as well, going from under 900 EH/s in late July to over 960 EH/s, while its drawdown from the previous peak narrowed from 18% to 13%. CQ interprets this as mining capacity returning rather than operators capitulating. However, the report outlined a missing piece. Miners have stopped selling, but they have not yet started rebuilding their BTC balances. CQ believes a sustained return to accumulation would provide an even stronger signal that the backbone of the Bitcoin network has shifted decisively from a source of market supply to long-term holders.