Bitcoin miner earnings plunged to a two-month low in June, yet the anticipated wave of sell-offs hasn’t surfaced.
According to a new CryptoQuant report, miners are holding onto their BTC — signaling resilience even as profit margins shrink.
Daily revenues dropped to $34 million on June 22, the weakest level since April, driven by falling transaction fees and a muted Bitcoin price. The network’s hashrate also dipped by 3.5% since mid-June, marking its sharpest decline in nearly a year. Still, miners appear unfazed.
Outflows from miner wallets have shrunk dramatically — from 23,000 BTC per day in February to just 6,000 now. Crucially, no significant transfers to exchanges were recorded, suggesting little desire to liquidate holdings at current levels.
Even early adopters known as “Satoshi-era” miners are barely moving their coins. Only 150 BTC have been sold from these dormant wallets in 2025, compared to 10,000 last year.
Meanwhile, mid-sized mining operations are quietly accumulating. Wallets holding between 100 and 1,000 BTC have added 4,000 BTC since March, hitting their highest collective balance since late 2024.
CryptoQuant notes that miners seem content to weather the downturn, relying on reserves or patience rather than selling. Their restraint is helping stabilize the market and reinforces a long-term bullish outlook for Bitcoin.
