- Bitcoin miners are holding post-halving despite reduced block rewards.
- Stable reserves and moderate Puell Multiple suggest miners expect higher future prices.
Bitcoin [BTC] miners, who often react first to price shifts, remain calm post-halving. With daily block rewards now reduced to 3,125 BTC, miners usually sell to cover expenses.
However, on-chain data shows stable reserves and minimal selling pressure.
This stillness signals strong confidence among miners, indicating a belief in Bitcoin’s upward trajectory.
Why Miners Usually Sell, and Why They’re Holding Now
Mining is costly. With expenses like electricity and maintenance, miners often sell BTC to stay afloat. Historically, miners sell when market prices peak.
This cycle differs. Post-halving hasn’t led to mass selling; miners hold their Coin.
This suggests a strategic behavior shift. Miners might be waiting for significantly higher prices. Current levels aren’t attractive exit points.
Bitcoin Miner Reserve Data Shows Stability
Data reveals a stable trend. From 1,808,315 BTC on 25 December 2024, to 1,808,674 BTC on 3 May 2025, reserves changed by less than 0,02%.
Source: CryptoQuant
This indicates miners aren’t actively distributing Coin, despite economic incentives.
In past cycles, such stability has preceded major price increases, suggesting miners anticipate a bullish phase.
Puell Multiple Data Breakdown
Source: CryptoQuant
The current mid-range Puell Multiple shows miners aren’t under stress or overly euphoric. This indicates they’re content to wait. Historically, when the Puell Multiple is calm and reserves steady, there’s potential for market growth before peaking.
Currently, Bitcoin miners act more like long-term investors. As long as they hold, Bitcoin’s upside potential remains strong.
