Bitcoin miners are holding onto their belongings at the same time as mining profitability dips to multi-month lows, a brand new CryptoQuant report shared with CryptoSlate reveals.
The information reveals that miner revenues dropped to $34 million on June 22, marking their weakest earnings since April 20.
This comes amid a broader market pullback and a drop in transaction charges, which have lowered earnings throughout the community.
The falling transaction charges might be linked to Bitcoin’s network activity dropping to ranges not seen in over a 12 months. It is because traders now principally view the highest crypto as a store of value rather than a means of payment.
On account of this, most traders maintain on to their belongings and don’t spend or transact with them.
Nonetheless, this attitudinal change is having a widespread impact on Bitcoin miners, who are actually at their lowest paid degree since July 2024.
Bitcoin miners refuse to promote
Regardless of declining revenues, BTC miners seem dedicated to holding their belongings as an alternative of promoting to shore up their earnings.
CryptoQuant’s information reveals that day by day BTC outflows from miner wallets to exchanges have fallen sharply, from a February peak of 23,000 BTC to simply 4,000 BTC as of June 26.
This reluctance to promote can be evident amongst so-called “Satoshi-era” miners, who’ve offloaded simply 150 BTC in 2025, down from 10,000 BTC bought all through 2024.
CryptoQuant attributes this habits to comparatively wholesome working margins. In keeping with the agency, miners nonetheless function with a 48% margin based mostly on Internet Unrealized Revenue and Loss (NUPL) metrics information.
Furthermore, Miner-held Bitcoin reserves have additionally risen over the previous months.
In keeping with CryptoQuant, wallets holding between 100 and 1,000 BTC have elevated their collective holdings from 61,000 BTC on the finish of March to 65,000 BTC by June 26. That is the best degree since November 2024, signaling continued confidence and restricted want to money out.