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While daily income of Bitcoin miners dropped significantly in June, according to CryptoQuant data, selling pressure is not yet felt in the market. Despite the decrease in income, miners continue to accumulate BTC.
Bitcoin Miner Revenues at 2-Month Low, But No Selling Pressure
According to the weekly report shared by CryptoQuant, the daily income of Bitcoin miners fell to $34 million on June 22, reaching the lowest level since April. This level stands out as one of the weakest earnings in the last year.
The decline was driven by lower transaction fees and Bitcoin prices trading near local lows, weakening miners’ incentives to stay online.
The Bitcoin network’s total processing power, hashrate, has fallen by 3.5% since June 16, the sharpest pullback since July 2024. While this suggests increasing pressure on miners whose profit margins have been squeezed post-halving, the expected panic selling has yet to materialize.
The amount of BTC leaving miner wallets has decreased from 23,000 BTC per day in February to around 6,000 BTC currently. No major transfers to exchanges were observed either.
Long-term investors, especially those known as “Satoshi-era miners” who produced coins in the early years of Bitcoin (2009-2011), are also maintaining their positions. While only 150 BTC were sold from these wallets in 2025, this figure was around 10,000 BTC in 2024.
On the other hand, wallets that usually belong to medium-sized operations, mining addresses holding 100 to 1,000 BTC, have added another 4,000 BTC since March, bringing their balance to the highest level since November 2024.
Long-Term Expectations Dominate
According to CryptoQuant, instead of selling, miners are determined to either burn through their cash reserves or wait for prices to recover. The report stated:
“This clearly shows that there is no selling pressure from miners at current price levels.”
Although revenues are down, Bitcoin miners’ refrain from selling is largely limiting potential selling pressure in the market, suggesting that Bitcoin is finding support at current levels and that long-term bullish prospects remain.
*This is not investment advice.