Bitcoin (BTC) Miner Selling Pressure Eases as Daily Revenue Hits $48 Million

Daily Miner Revenue Nears $48 Million

Bitcoin (BTC) miners spent much of the 2026 summer selling coins to cover operating costs, and the on-chain record now shows that supply channel narrowing. A weekly report from on-chain analytics firm CryptoQuant, dated October 8, finds that mining profitability has improved alongside the coin's recovery, weakening the incentive to liquidate freshly mined coins. Daily gross miner revenue climbed from roughly $27 million in July to as much as $48 million, close to a 78% rise in a matter of weeks. That swing matters because forced miner sales have been one of the persistent supply sources weighing on this cycle. The Bitcoin (BTC) price rallied about 45% from its July low near $58,000 over the same stretch and had pushed above $83,000 when the report was compiled; it now sits near $82,600, up 1.0% over the past 24 hours. Supply pressure that had run near-continuously through the bear phase is, on this evidence, taking a break. Operating conditions improved in parallel. Network hashrate rose from 899 EH/s on July 31 to 962 EH/s, and the drawdown from the all-time high narrowed from 18% on July 28 to 13%, which points to rigs idled through the worst of the squeeze being switched back on. CryptoQuant's miner profit-and-loss sustainability gauge, which weighs revenue against the prevailing mining difficulty, spent May through August mostly inside the 'extremely underpaid' band. After Bitcoin (BTC) reached $76,000 on August 21, the gauge shifted largely into the 'fairly paid' zone. The mechanism is direct: higher prices lift revenue, healthier cash flow cuts the need to break into held coins to pay power and equipment bills, and thinner forced supply supports the wider Bitcoin market. The report stops short of a verdict on direction; a rising hashrate by itself, it cautions, does not decide where price goes next.

Market structure data from our own desk frames how much room that improvement has. Our composite support and resistance levels score the strongest floor at $80,919 with a 96 out of 100 reading, and the nearest firm ceiling at $84,426 scored 83; spot trades at $82,570, up 1.0% in 24 hours. Momentum is balanced rather than stretched: the RSI reads 50.16 and the MACD signal stays bearish even while the broader trend registers as an uptrend. For the move to mature into a bull market phase, positioning offers headroom: the perp funding rate sits at 0.0012% and open interest near $15.39 billion, a setup far from the leverage buildups that typically force sharp unwinds.

Outflows Calm and Miner Wallets Steady

Miners sell for an unglamorous reason: power, hosting and hardware bills are denominated in fiat, so lean stretches force disposals even at poor prices. The dynamic feeds on itself in downturns: sales depress price, weaker revenue forces more sales. Fee income shows how thin the cushion had become. The seven-day average of transaction fee revenue recovered from $195,000 to $275,000, yet that remains well below the $400,000 to $800,000 range of mid-2025, which means block rewards still carry most of the revenue line and profitability stays price-dependent. Flow data tells the same story from the spending side. The most recent extreme outflow episode struck on August 21, when roughly 29,000 Bitcoin (BTC) left miner wallets; movements have stayed inside the normal range in the weeks since. Not every wallet movement is a sale, so outflow figures are an imperfect proxy, but the absence of repeated large spikes is a usable signal that distribution has cooled. Balance data closes the loop. Addresses holding between 100 and 1,000 BTC, the miner cohort that sits at the lower edge of whale-tier supply, had cut their combined holdings by about 20%, from roughly 64,000 BTC in December 2025 to about 51,000 BTC. That drawdown stopped in early September, and the cohort total has held near the 51,000 BTC mark since, neither shrinking further nor growing. What has not appeared is fresh accumulation; balances are flat, an enforced hodl rather than a deliberate one, which separates relief from conviction. From here, two markers decide whether the improvement lasts: consistent balance growth among large miners, and sustained demand from spot trading flows. If BTC slips back below the $76,000 area that restored fair miner pay, or if fee income keeps fading while that demand stalls, the forced-selling channel reopens and the supply gains described here stop holding.