Bitcoin Miners Are Hoarding Again—Here’s What History Says Comes Next as BTC Slows

Bitcoin miners are stacking sats like doomsday preppers—while BTC price action stalls, historical patterns hint at an explosive move ahead.

When miners accumulate, markets tend to follow. The last three cycles saw 200%+ rallies within 12 months of similar accumulation phases. This time? Wall Street's algo-trading quant-bots will probably front-run retail again.

Key signals to watch:

- Miner reserve spikes (currently at 18-month highs)

- Exchange outflows accelerating

- Hash ribbons flashing buy signals

Pro tip: When Goldman Sachs starts pitching 'blockchain exposure' ETFs, take profits. The suits always arrive late to burn the bagholders.

Iris Energy leads the charge

According to Alphractal, crypto mining stocks are surging faster than bitcoin prices. While Bitcoin prices traded sideways near $108K, mining stocks have risen significantly. 

Source: Alphractal

A standout performer? Iris Energy [IREN], which saw its market cap explode from $1.2 billion to over $4 billion in recent weeks.

Per Google Finance, IREN closed at $16.95 on the 7th of July, up 72.61% year-to-date, and even hit $17.08 in after-hours.

Source: Google Finance

Additionally, Bitdeer Technologies’ stock surged 53% to $13.30, while its market cap has increased 131% to $1.6 billion.

While major miners such as Mara Holdings struggled, their stocks are still up 9.92% over the past five days. 

Source: Ainvest

With miner stocks rising, it reflects institutional interest in crypto-exposed equities, signaling positive sentiment around the Bitcoin ecosystem. 

The divergence isn’t subtle

Surprisingly, BTC’s price and the market cap of miners are no longer moving in sync.

Historically, a declining correlation between the two signals a potential surge in volatility. This is because miners hold significant BTC reserves, making them key market makers. 

Source: Alphractal

Miners are holding tight

Despite their soaring stock prices, miners are not selling their Bitcoin.

The miners’ reserve continued to rise, reaching 1.8 million BTC, worth approximately $195.5 billion. With such massive holdings, their actions, both on-chain and off-chain, have a direct impact on the price of Bitcoin.

Additionally, according to CryptoQuant’s data, Miner Outflow has dropped to a 1-month low of around 1K BTC — a stark pullback.

Source: CryptoQuant

When this metric declines, it suggests that miners are not sending their BTC to exchanges, resulting in fewer coins being exposed to sale.

Historically, such market behavior reduces potential selling pressure, therefore creating upward pressure on Bitcoin. 

What’s next for BTC?

If miners stay in hold mode, BTC could recover and push back toward $110K, especially with less sell pressure on the order books.

But if miner sentiment flips, and they start offloading, downside risks reappear fast, with $106K as the near-term floor.