The crypto market is waiting for miners to make their move.
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Bitcoin miners are holding post-halving, resisting sell pressure despite reduced block rewards.
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Stable reserves and moderate Puell Multiple suggest miners expect higher prices before selling.
The Bitcoin mining landscape is in a state of quiet anticipation; miners are strategically holding for a potential price surge.
Why do miners usually sell, and why are they holding now?
Mining isn’t cheap. Between electricity, hardware maintenance, and staffing costs, miners frequently sell their BTC to stay afloat. Historically, miner wallets see outflows during periods of market strength, cashing in when prices peak.
This cycle stands out as different. The post-halving squeeze has not led to mass selling. Instead, miners are holding onto their coins, which indicates a strategic shift. They appear to be waiting for significantly higher prices before selling, with current levels seeming unattractive for exit.
Bitcoin miner reserve data shows stability
The data showed a strikingly steady trend. From 1,808,315 BTC on the 25th of December 2024, to 1,808,674 BTC on the 3rd of May 2025, reserves have changed by less than 0.02%.
Source: CryptoQuant
This suggests miners aren’t actively distributing coins into the market, despite economic incentives to do so. In past cycles, such stability has preceded major price advances, indicating that miners are in no rush to exit and instead may be front-running the next bullish leg.
Puell multiple data breakdown
The Puell Multiple stood at a moderate level. This indicator compares daily mining revenue in USD to the 365-day average. Readings above 2 often coincide with market tops and heavy miner selling.
Source: CryptoQuant
Today’s mid-range value showed that miners are neither under stress nor overly euphoric. It’s another sign they’re content to wait. Historically, when the Puell Multiple is calm and reserves are steady, the market has room to grow before hitting a peak.
As of now, Bitcoin miners are acting more like long-term investors than forced sellers. As long as they hold, Bitcoin’s upside remains intact.
Conclusion
This unusual post-halving behavior by Bitcoin miners illustrates a growing confidence in the market. Their reluctance to sell during this phase may suggest a broader bullish sentiment, anticipating a future price rally that could redefine market dynamics.
