Bitcoin Miners Become "Extremely Underpaid" Hodlers In June
Bitcoin miners have accumulated 4,000 BTC since April, despite BTC price reaching all-time highs. Research from CryptoQuant indicates a significant slowdown in sales from "Satoshi-era" miners, who are holding onto their reserves due to being "extremely underpaid." Daily revenues for miners have dropped to $34 million, the lowest since April 2025, attributed to reduced transaction fees and a decline in Bitcoin prices. The Bitcoin network hashrate has decreased by 3.5% recently, marking the largest drop since July 2024. Miner outflows have fallen from a peak of 23K BTC in February 2025 to about 6K BTC currently, with minimal transfers to exchanges. Miners holding between 100 and 1,000 BTC have increased their reserves to 65,000 BTC. Satoshi-era miners have sold only 150 BTC in 2025, compared to nearly 10K in 2024, indicating a shift in their selling behavior during price rallies.
