Bitcoin Miners’ On-Chain Transaction Volume Hits Lowest Level Since November 2022, Indicating Increased Hoarding Behavior

On July 8, Sentora, previously known as IntoTheBlock, reported that the proportion of Bitcoin miners’ on-chain transaction volume has dropped to its lowest point in several years. Presently, miners’ transactions represent just around 3.3% of total on-chain activity, marking the lowest figure since November 2022. This decline in transaction share often indicates a strategic shift by miners towards accumulation rather than liquidation, as they hold onto Bitcoin anticipating future price appreciation. Notably, November 2022 coincided with a significant downturn in the crypto market, notably the FTX collapse, suggesting that the current subdued transaction levels may reflect a cautious market stance among miners, emphasizing a more conservative approach amid ongoing market uncertainties.