Satoshi-era Bitcoin Miners Sold Only 150 BTC in 2025 Amid Highs

Bitcoin Satoshi-era miners have shown rare behavior as BTC price action hits repeat all-time highs in 2025. Large miners are adding to their reserves, while the oldest participants have slashed sales compared to 2024. According to new research from onchain analytics platform CryptoQuant, Bitcoin miners have added 4,000 BTC to their reserves since April despite new BTC price all-time highs. The research also points to a dramatic slowdown in “Satoshi-era” miner sales. Miners appear to be holding onto their BTC reserves despite being “extremely underpaid” at current prices. According to CryptoQuant's findings, conditions for miners remain difficult despite BTC/USD trading within a few percent of all-time highs. Daily revenue fell to $34 million on June 22, the lowest since April 20 2025, due to lower transaction fees and the recent decline in the price of Bitcoin. The Bitcoin network hashrate has declined 3.5% over the past ten days. This represents the largest drawdown since July 2024 following the most recent block subsidy halving event, which cut miner revenue per block by 50%. However, miner selling is still muted in spite of lower revenues. Miner outflows have dropped from a daily peak of 23K BTC in February 2025 to roughly 6K BTC as of today. CryptoQuant suggests that the miners' overall 48% operating margin is responsible for the “hodl” trend. Meanwhile, the price of Bitcoin has shown significant recovery in 2025, with several analysts predicting further upside. One analyst predicts a rapid surge to $118,000 once the all-time high is breached. A recent poll indicates that most of the crypto community expects Bitcoin to surpass its January 2025 peak by the end of May. Bitcoin price prediction for 2025 ranges between $100,000 and $150,000, depending on ETF inflows, regulatory clarity, and macroeconomic conditions. Some analysts believe BTC could hit a new all-time high if institutional demand accelerates in the second half of the year. Assuming favorable macro trends and continued institutional support, Bitcoin price is expected to rise over 30% and may reach $130,000–$150,000 by 2025. Furthermore, increased institutional investment is playing a larger role in the Bitcoin miner market. Investment firms, hedge funds, and even publicly traded companies are increasingly entering the market, leading to higher capital investments in mining hardware and operations. This trend indicates a maturation of the market and a shift toward more stable, long-term investments. Overall, the Bitcoin miner market is presenting a transitional phase, with miners adapting to the changing economic conditions and technological advancements. The “hodl” trend among Satoshi-era miners, combined with increasing institutional investment and positive Bitcoin price predictions, suggests a potential period of growth and innovation in the industry.