CryptoQuant: Bitcoin miner revenue has fallen to a two-month low, while selling pressure remains.

According to Gate News bot and CoinDesk, the income of Bitcoin miners has fallen to the lowest level in two months, but despite the decline in profitability, there are still no signs of forced dumping.

CryptoQuant stated in a weekly report that on June 22, Bitcoin's daily mining revenue dropped to 34 million USD, the lowest level since April and one of the lowest levels in the past year.

As transaction fees decline and Bitcoin prices hover near local lows, the overall drive for miners to stay online has also decreased. Since June 16, the hash rate has fallen by 3.5%, marking the most significant decline in network computing power since July 2024. Although the drop is not large, it reflects the pressure miners are facing from tightening profits after the halving.

However, the anticipated wave of miner capitulation has not materialized. The outflow from miner wallets has remained sluggish, decreasing from an average of 23,000 BTC per day in February to around 6,000 BTC now, with no peak in exchange transfers.

Even wallets associated with miners from the Satoshi era (which are often a barometer of long-term market sentiment) have seen little change: only 150 BTC have been sold so far in 2025, while nearly 10,000 BTC were sold in 2024.

Miners of the Satoshi Nakamoto era refer to network participants who mined during the early days of the Bitcoin network (typically between 2009 and 2011), when Bitcoin's anonymous creator Satoshi Nakamoto was still active on online forums.

At the same time, data shows that miner reserves are increasing. Addresses holding 100 to 1,000 BTC (typically operated by medium-sized mining entities) have increased by 4,000 BTC since March, pushing the balance to its highest level since November 2024.

The key point is that miners are making long-term investments; they are either expecting a rebound or would rather burn money than sell at the current price.

"This further indicates that miners are not facing selling pressure at the current price levels," CryptoQuant summarized.