Bitcoin Miners Reverse Course, Shift from Selling to Strategic Accumulation

Bitcoin miners appear to be reloading their reserves after a lengthy period of offloading their holdings.

On-chain data now points to a clear change in behavior: instead of cashing out, miners are beginning to stack sats once again.

According to analytics from Glassnode, this trend emerged following Bitcoin’s dip below the $75,000 mark in April. That decline marked not just a local bottom for BTC prices but also a turning point for miner wallets, which had been steadily shrinking since late 2023.

Between April 12 and May 13, the total BTC held by miner addresses rose from roughly 1.794 million to over 1.797 million — an increase of about 2,700 BTC.

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Though modest in percentage terms, the directional change is significant, signaling growing confidence among miners in the asset’s longer-term potential.

This accumulation phase comes after months of consistent selling pressure, which many had blamed for stalling upward momentum. The reversal has energized bullish sentiment across the market, especially when paired with increasing institutional demand.

Traders have taken notice. Some, like Mister Crypto on X, view the miner accumulation as a strong positive signal for Bitcoin’s trajectory, especially with daily institutional inflows continuing to outpace the amount of newly mined BTC.

Alexander Stefanov