Bitcoin Miners Halt Aggressive Selling, Signaling Potential Boost for BTC
Bitcoin miners have significantly reduced their selling pressure, a development that could provide a substantial tailwind for the cryptocurrency’s price, according to a recent report from CryptoQuant. The analysis indicates that miner revenues have surged 78% from their July lows, leading to improved profitability and a cessation of extreme outflows from mining operations.
CryptoQuant, a prominent blockchain analytics firm, concluded that these key network participants have navigated their most challenging period of the year. The removal of consistent selling pressure from miners, the firm suggests, could further benefit Bitcoin’s price trajectory.
The report highlighted that no extreme miner outflow events have been recorded since August 21. On that date, approximately 29,000 BTC were moved from wallets associated with miners as the cryptocurrency’s price climbed from below $65,000 to $76,000. The largest daily outflows observed since then have been around 12,000 BTC, a figure the analytics company considers within a normal operational range.
Furthermore, older mining entities are also offloading significantly fewer coins. Excluding Bitcoin associated with the enigmatic Satoshi Nakamoto, miners from the Satoshi era moved roughly 600 units from their wallets in September. This represents a substantial decrease of approximately 70% compared to the 2,000 BTC moved in January. Despite this reduced selling, their combined holdings remain substantial, close to 590,000 bitcoins.
This trend of reduced selling extends to larger, more modern mining operations. Addresses holding between 100 and 1,000 BTC saw their collective balance decrease by about 20%, from approximately 64,000 BTC in December 2025 to 51,000 BTC by early September. However, this figure has since stabilized, indicating a halt in the decline.
While CryptoQuant acknowledged that miners are not yet actively accumulating Bitcoin, the report determined that the persistent selling pressure has effectively ended. This marks a notable shift from early August, when major miners, including Marathon Digital Holdings (MARA) and Riot Platforms, were reportedly moving Bitcoin to custodians like NYDIG amidst challenging industry and market conditions.
The report attributes the miners’ reduced need to sell to Bitcoin’s recent rally. The cryptocurrency has surged 45% from under $58,000 at the start of July to over $83,000 this week. This price appreciation has boosted total daily miner revenue from $27 million to around $48 million, representing the aforementioned 78% increase. Transaction fees have also seen a recovery, rising from a seven-day average of $195,000 to $275,000, though they remain considerably below the peaks observed in 2025.
CryptoQuant’s Miner Profit/Loss Sustainability Indicator has shifted from an “extremely underpaid” status between May and August to “fairly paid” after August 21. This suggests that miners are now earning sufficient revenue to cover their operating costs, reducing the necessity to liquidate Bitcoin simply to remain solvent.
Bitcoin’s hash rate has also shown signs of recovery, increasing from under 900 exahashes per second (EH/s) in late July to over 960 EH/s. The drawdown from its previous peak has narrowed from 18% to 13%. CryptoQuant interprets this as a sign of mining capacity returning rather than a capitulation of mining operators.
However, the report identified a crucial missing element: while miners have ceased aggressive selling, they have not yet begun to rebuild their Bitcoin balances. CryptoQuant believes that a sustained return to accumulation by miners would provide a stronger signal that the fundamental backbone of the Bitcoin network is transitioning from a source of market supply to that of long-term holders.
