Bitcoin Miner Revenue Crashes to 2-Month Low—Yet Zero Sell-Off Panic: CryptoQuant Data Reveals

Bitcoin miners just hit their leanest paycheck in 60 days—but the market isn’t blinking. Here’s why the usual fire sale isn’t happening.

The quiet before the storm—or a new bullish signal?

Miners’ wallets are gathering dust instead of dumping coins. Either they’re playing the long game… or Wall Street’s ‘diamond hands’ meme finally went corporate.

When hodling beats hedging:

No sell pressure means two things: miners expect higher prices, or they’ve already offloaded to institutional bagholders (happy lock-up periods, guys).

Meanwhile, traditional finance still can’t decide if Bitcoin’s a ‘risk asset’ or digital gold—maybe because their spreadsheets don’t have a ‘greed/fear’ toggle.

Hashrate has dipped 3.5% since June 16, marking the most significant pullback in network computing power since July 2024. While modest, it reflects mounting pressure on miners already grappling with tighter margins following the halving.

Yet the expected wave of miner capitulation hasn’t materialized. Outflows from miner wallets have remained muted, sliding from 23,000 BTC per day in February to around 6,000 BTC currently — with no exchange transfer spikes recorded.

Even wallets tied to Satoshi-era miners, often a bellwether for long-term sentiment, have barely budged: just 150 BTC sold so far in 2025, compared to nearly 10,000 BTC offloaded in 2024.

Satoshi-era miners refer to network participants who mined their coins during the very early days of the bitcoin network, typically between 2009 and 2011, when Satoshi Nakamoto, Bitcoin's pseudonymous creator, was still active on online forums.

Meanwhile, data shows miner reserves are growing. Addresses holding between 100 and 1,000 BTC — typically operated by mid-sized mining entities — have added 4,000 BTC since March, pushing balances to their highest levels since November 2024.

The takeaway is miners are playing the long game, either anticipating a rebound or preferring to burn through cash rather than sell at current prices.

“This further suggests there’s no selling pressure coming from miners at these price levels,” CryptoQuant concluded.