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- Bitcoin miners are reportedly holding onto more BTC and selling less after the recent block reward reduction.
- The longest-ever miner consolidation and accumulation period is currently being experienced since Bitcoin hit $16K.
- Miners are likely accumulating in preparation for a profitable sell-off in the coming months as spot Bitcoin ETF flows increase and the likelihood of a rate cut in Q4 rises.
Bitcoin miners are holding onto more BTC post-halving, leading to the longest-ever miner consolidation and accumulation period. This trend is likely in anticipation of higher prices and a profitable sell-off in the coming months.
BTC Miner Accumulation Continues
As per the latest analysis by CryptoQuant, the Miner Position Index (MPI) and Puell Multiple, which track miner selling activity and profitability, respectively, are indicating a significant reduction in miner sell pressure post-halving. This is evidenced by 14 consecutive days of consolidation and accumulation. Miners are also experiencing their lowest revenue levels in a year, suggesting that they are holding onto their BTC in anticipation of higher prices before selling.
Impact of Halving on Miners’ Revenue
The halving event slashed mining rewards from 6.25 BTC to 3.125 BTC. Initially, excitement around the event and the launch of Bitcoin Runes kept miners’ earnings up, but this changed in May as revenue dropped significantly. Data compiled from Blockchain.com suggest that the total revenue from block rewards and fees hit a new low of $26.3 million on May 1. Before the halving, miners made around $6 million per day on average.
Bitcoin Network Sees Surge in Usage
Meanwhile, CryptoQuant CEO Ki Young Ju highlighted a significant shift in miners’ income streams due to the development of applications on the Bitcoin network. Transaction fees now contribute over 7% to miners’ total revenue, a stark increase from just 1% two years ago. This trend has persisted for the last four weeks and could potentially strengthen the network’s fundamentals. Additionally, on May 6, a total of 458,000 OP RETURN codes were used, suggesting a growing utilization of the Bitcoin network for purposes beyond basic transactions, essentially indicating a broader adoption.
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Conclusion
Overall, the current trends suggest a shift in miners’ behavior post-halving, with a significant reduction in sell pressure and an increase in accumulation. This, coupled with a surge in the usage of the Bitcoin network, could potentially strengthen the network’s fundamentals and lead to broader adoption.
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