Bitcoin Miner Sales Drop, Signaling Market Uncertainty
Key Takeaways
- Bitcoin miners are currently selling at the lowest levels since May 2024.
- Historically, such periods were often followed by sideways movements or price declines.
- The hashrate reached a new all-time high in April 2025 – a potential warning signal.
- Technical indicators point to weakening buying power and a possible price correction.
Miner Selling Pause: What’s Behind It?
Bitcoin miners are currently holding back noticeably from selling their BTC holdings. Selling activity is at its lowest level since May 2024. At first glance, this may seem positive: less selling pressure can support the price. However, a look at past trends paints a different picture.
In previous periods of similarly low selling activity – such as late 2012, September 2013, parts of 2016, and July 2021 – prices did not rise. Instead, the market moved sideways or experienced pullbacks. Low miner activity can therefore also signal uncertainty or structural weakness in the market.
Hashrate Hits Record High – Then Declines
The hashrate – the total computing power in the Bitcoin network – reached a new all-time high in April 2025. This is reminiscent of April 2021 – another month with record hashrate, followed by a significant price drop.
In both 2021 and 2023, April 14 marked a turning point. On those days, local highs were reached before major corrections occurred. Although 2025 has not yet shown a clear price peak, the recent cooling of the hashrate may be an early warning sign. A drop in hashrate after a peak can indicate financial pressure on miners.
Strategic Behaviour or False Calm?
So far in 2025, miners appear to have sold their coins strategically during periods of price strength. The current restraint may suggest a wait-and-see approach – or a lack of good selling opportunities.
If the Bitcoin price stagnates or drops, a scenario known as “miner capitulation” could occur: miners may be forced to sell in order to cover their operational costs. This can create additional selling pressure and increase volatility.
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Technical Indicators Signal Caution
At the time of writing, the Bitcoin price was around USD 95,000. The Relative Strength Index (RSI) – a measure of market momentum – is at 68.44. Readings above 70 are considered overbought, so the current value is just below that threshold. This suggests possible buyer exhaustion.
In addition, the On-Balance Volume (OBV) – an indicator of trading volume – has flattened after an upward move. This also points to declining buying interest. Without fresh momentum, Bitcoin could enter a consolidation phase or experience a short-term correction.
Our Assessment
The current restraint shown by Bitcoin miners is a double-edged sword. On one hand, it could be seen as a sign of confidence in higher prices. On the other hand, history shows that such phases are often accompanied by uncertainty or upcoming corrections.
The parallel development of the hashrate and technical indicators reinforces this view. Caution is advised in the short term. Those already invested or considering entry should closely monitor the market in the coming days. Especially important: watch for reactions to price movements around the USD 95,500 mark.
Sources
- Alphractal
- TradingView
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