Are Miners Selling Their Bitcoin?
Miners have real bills — power, hardware, payroll — so they have to sell some of what they earn. When they hold instead, it usually means they expect a higher price later. We track which one they're doing.
Miners earn Bitcoin by securing the network — and they eventually have to spend dollars on power, hardware, and payroll. Read more
Miners are the small group that actually runs Bitcoin's machinery. They earn new coins every day and own them at the lowest cost of anyone in the market — so when they decide to sit on what they earn rather than sell, it's worth paying attention to.
Right now they're holding. Coins are leaving miner wallets at one of the slowest paces in four years. The bills haven't gone away — power, hardware, payroll — and they're choosing to cover them another way rather than sell into this price. That's the move of a group that expects more later.
This is the quiet, confident end of miner behavior. It stays a positive read as long as the pace stays this low. The one thing that would change it: coins starting to leave their wallets noticeably faster.
Miner selling pace over 6 months. Currently in the 5th percentile of the last four years.
ETFs custody most of their Bitcoin on exchanges (Coinbase Custody), so the ETF and exchange slices partly overlap. Numbers are honest, the labels just count the same coins in two places.
- Miners are selling unusually slowly — currently at the 5th percentile of the last 4 years.
- The amount miners hold sits at the 17th percentile vs the last 4 years — steady or building, not shrinking.
- Periods this quiet have historically lined up with miners signaling confidence in price. If the pace stays low while price holds, that's a continuing positive read.
Understanding Bitcoin Miners reserve and flow
Miners receive Bitcoin as a reward for processing transactions and securing the network — currently about 3.125 BTC every block, plus transaction fees. That Bitcoin lands in wallets that public blockchain analytics can identify because the way coins arrive in those wallets follows a recognizable pattern. When coins later leave one of those wallets, the next destination is usually an exchange (to sell) or a long-term storage wallet (to hold).
This page tracks how fast Bitcoin is leaving miner wallets relative to their total stash. The daily ratio (BTC sent out today ÷ total BTC held) is smoothed over 7 days to filter out one-off noise. Then today's pace gets compared against where it has sat over the last 4 years — that comparison is the percentile shown on the page.
Raw selling rates are hard to read on their own — they shift with reward halvings, mining difficulty, and changes in how wallet trackers label addresses. The percentile framing strips that out. "Miners Are Holding" (low percentile) and "Selling Heavily" (high percentile) mean the same thing across cycles. When the pace stretches toward either extreme, it usually means miner behavior has changed — and that's worth noticing.