Bitcoin miners are refraining from selling their assets despite all-time high prices in 2025. Instead, they are increasing their BTC reserves, highlighting a shift in behavior towards longer-term holding, as indicated by research from CryptoQuant.
Even with BTC prices hitting new peaks, miners face significant underpayment. Daily revenues have dropped leading to only 150 BTC sold by Satoshi-era miners, dramatically lower than in the past year. The current operating margin stands at 48%, encouraging miners to hold onto their coins.
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