Bitcoin miners have substantially reduced selling activity following a recovery in BTC's price and profitability, according to CryptoQuant's latest analysis. The shift marks a departure from the aggressive liquidation seen earlier in 2024, potentially removing a consistent source of market supply.
Revenues and Conditions Improve
Bitcoin's price rally from under $58,000 at the start of July to over $83,000 has transformed mining economics. Total daily miner revenue climbed 78%, rising from $27 million to approximately $48 million. Transaction fees recovered from a seven-day average of $195,000 to $275,000, though they remain below 2025 peaks.
CryptoQuant's Miner Profit/Loss Sustainability Indicator shifted from "extremely underpaid" between May and August to "fairly paid" after August 21, indicating miners now earn enough to cover operating costs without forced liquidations.
Outflow Activity Normalizes
Extreme miner outflow events have ceased since August 21, when approximately 29,000 BTC left miner-associated wallets as the price climbed from under $65,000 to $76,000. Subsequent daily outflows averaged around 12,000 BTC, within normal ranges.
Satoshi-era miners moved approximately 600 BTC in September, roughly 70% below January's 2,000 BTC level, while maintaining combined holdings near 590,000 bitcoins. Addresses holding between 100 and 1,000 BTC saw their collective balance decline about 20% from December 2025 to early September, but this decline has since stabilized.
Network Indicators Strengthen
Bitcoin's hash rate recovered from under 900 EH/s in late July to over 960 EH/s. The network's drawdown from its previous peak narrowed from 18% to 13%, suggesting mining capacity is returning rather than operators abandoning operations.
CryptoQuant noted that while miners have stopped the persistent selling pressure, they have not yet resumed accumulating bitcoin. Analysts suggest a return to accumulation would signal a more decisive shift from miners as a source of market supply to long-term holders.
