The data reveals that miner revenues dropped to $34 million on June 22, marking their weakest earnings since April 20.
This comes amid a broader market pullback and a drop in transaction fees, which have reduced earnings across the network.
Due to this, most investors hold on to their assets and do not spend or transact with them.
Despite declining revenues, BTC miners appear committed to holding their assets instead of selling to shore up their earnings.
CryptoQuant’s data shows that daily BTC outflows from miner wallets to exchanges have fallen sharply, from a February peak of 23,000 BTC to just 4,000 BTC as of June 26.
This reluctance to sell is also evident among so-called “Satoshi-era” miners, who have offloaded just 150 BTC in 2025, down from 10,000 BTC sold throughout 2024.
CryptoQuant attributes this behavior to relatively healthy operating margins. According to the firm, miners still operate with a 48% margin based on Net Unrealized Profit and Loss (NUPL) metrics data.
Moreover, Miner-held Bitcoin reserves have also risen over the past months.
According to CryptoQuant, wallets holding between 100 and 1,000 BTC have increased their collective holdings from 61,000 BTC at the end of March to 65,000 BTC by June 26. This is the highest level since November 2024, signaling continued confidence and limited desire to cash out.
