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Cryptocurrency News Articles

Bitcoin Miners Have Been Selling BTC After the ATH Hit, But It Hasn't Impacted the Price Yet

May 28, 2025 at 03:30 am

Over the past month, Bitcoin has made significant gains

Bitcoin Miners Have Been Selling BTC After the ATH Hit, But It Hasn't Impacted the Price Yet

Over the past month, Bitcoin (BTC) has made significant gains, hitting a new all-time high of $111,000 on the charts. As Bitcoin climbed to its ATH, miners’ profit margins also rose significantly. These gains have elevated miners’ profit margins to 40% above its annual average.

Rising profitability often means profit taking, as observed by Cryptoquant analyst Axel Adler. According to his analysis, since the cryptocurrency hit $110,000, miners have stepped up their activities on exchanges.

Thus, Bitcoin miners’ inflows have doubled from an average of 25 BTC to 50 BTC per day. This hinted at a 100% hike in the amount of Bitcoin being sent into exchanges. Such a huge increase is a sign of significant selling pressure from miners.

Although miner-to-exchange inflows have risen significantly too, it’s yet to hit historical tops.

In previous cycles, miners’ flow to exchanges have climbed to a peak of around 100 BTC. Therefore, based on historical patterns, current rates sit approximately 100% below its historical peaks.

Thus, although miners have been selling, they are not selling as much.

On the contrary, it seems miners are strategically selling to finance operations while they continue to accumulate most of the newly mined BTC. This is true because Bitcoin’s miner supply ratio has sustainably declined to 0.090.

It suggested that miners have been selling less of the mined BTC, reflecting strong confidence in the market’s prospects. Simply put, they may be expecting BTC’s price to register more gains.

This trend can be further confirmed by the fact that Bitcoin’s Puell Multiple sat at around 1.4 at press time – A reading that usually appears during a healthy bull market.

No major miner sell pressure yet and Puell multiple at this range usually appears in mid-cycles and not tops or bottoms. Until this metric surges to a high of 4, that’s when miners will turn to aggressive selling.

Any impact on BTC?

While miners have been selling, this selling activity from the group is not extreme.

In the market, strategic selling is a simple part of the operation. Right now, it would seem that miners are not panic selling in a way that could negatively affect price action.

Importantly, the market is comfortably absorbing the selling pressure. We can see this as Bitcoin’s exchange netflows have remained mostly negative since BTC hit an ATH.

Since reaching a new high, exchanges have recorded only 1 day of positive netflows, which was five days ago. This indicated that although selling has indeed accelerated, we’re still a long way from peak volumes and the market is comfortably absorbing the extra supply.

Simply put, even with miners selling, BTC remains In a healthy phase and it’s yet to reach its historical peaks. If the selling accelerates, that’s when we will see the impact on price.

Therefore, even with prevailing market conditions, BTC could still recover from its recent retrace and reclaim $111k. However, if the miner exchange flow accelerates further, while buyers take a step back, we could see a pullback on the charts.

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