Bitcoin Miners Hold Strong Post-Halving – Defying Sell-Off Expectations

Bitcoin’s latest halving event slashed miner rewards in half—yet mining operations aren’t dumping their reserves. Here’s what’s driving the hodl mentality.

The miner playbook: Survival mode activated

With block rewards now at 3.125 BTC, operations are doubling down on efficiency upgrades and strategic holds. Liquidations would trigger a death spiral—nobody wants to be the first domino.

Institutional backing changes the game

Public mining corps and ETF inflows provide capital buffers traditional cycles never had. Wall Street’s latest ’digital gold’ narrative helps—even if they still don’t understand the tech.

The cynical twist

Meanwhile, hedge funds keep shorting BTC futures while their clients’ pension funds buy the ETFs. Classic finance—betting against the very asset you’re selling to retirees.

Why do miners usually sell, and why are they holding now?

Mining isn’t cheap. Between electricity, hardware maintenance, and staffing costs, miners frequently sell their BTC to stay afloat. Historically, miner wallets see outflows during periods of market strength, cashing in when prices peak.

This cycle stands out as different. The post-halving squeeze has not led to mass selling. Instead, miners are holding onto their coins.

This shift suggests a strategic behavior change. Miners may be waiting for significantly higher prices before selling. Current levels do not seem like attractive exit points to them.

Bitcoin miner reserve data shows stability

The data showed a strikingly steady trend. From 1,808,315 BTC on the 25th of December 2024, to 1,808,674 BTC on the 3rd of May 2025, reserves have changed by less than 0.02%.

Source: CryptoQuant

This suggests miners aren’t actively distributing coins into the market, despite economic incentives to do so.

In past cycles, such stability has preceded major price advances, indicating that miners are in no rush to exit and instead may be front-running the next bullish leg.

Puell multiple data breakdown

The Puell Multiple stood at a moderate level. This indicator compares daily mining revenue in USD to the 365-day average. Readings above 2 often coincide with market tops and heavy miner selling.

Source: CryptoQuant

Today’s mid-range value showed that miners are neither under stress nor overly euphoric. It’s another sign they’re content to wait. Historically, when the Puell Multiple is calm and reserves are steady, the market has room to grow before hitting a peak.

As of now, Bitcoin miners are acting more like long-term investors than forced sellers. As long as they hold, Bitcoin’s upside remains intact.