Bitcoin Miners Hold Onto Reserves Despite Falling Revenue

• Bitcoin Miners' Revenue Drops to $34 Million
• BTC outflows to exchanges fall to 4.000 units
• Miners accumulate more Bitcoin despite low profitability

Even with declining profitability, Bitcoin miners continue to avoid selling their assets. According to recent data from CryptoQuant, daily revenues for miners fell to $34 million on June 22, the lowest level since April of this year. This decline is linked to lower transaction fees and low network activity, which has fallen to levels not seen in over twelve months.

Bitcoin Miners See Lowest Daily Revenue in Over a Year https://t.co/oFMpnNfQve # Bitcoin #cryptonews

— Coindoo.com (@coindoo) June 26, 2025

With most investors treating Bitcoin as a store of value, circulation on the network has been significantly reduced. As a result, the reduced number of transactions directly impacts the earnings of miners, who rely on fees and block rewards to generate revenue.

Still, miners are showing resilience and choosing to hold on to their BTC. Daily Bitcoin transfers from miner wallets to exchanges have fallen dramatically — from 23.000 BTC in February to just 4.000 BTC on June 26. This retention also extends to older miners from the so-called “Satoshi era,” who sold just 150 BTC in 2025, compared to the 10.000 BTC sold in 2024.

According to CryptoQuant, this resistance to selling is due to still-sustainable operating margins. Data from the NUPL (Net Unrealized Profit and Loss) metric indicates that these operators maintain a positive margin of 48%, which reduces the pressure for immediate liquidity.

Additionally, there has been a noticeable increase in miners’ Bitcoin holdings. Wallets holding between 100 and 1.000 BTC have increased their balances from 61.000 BTC at the end of March to 65.000 BTC as of June 26 — the highest since November 2024. This signals continued confidence, even in the face of declining profitability.

The strategic behavior of miners, combined with low sales activity, can influence the circulating supply of BTC in the short term, serving as relevant data for investors attentive to the movement of whales and the health of the network.