比特币矿工停止激进抛售：为何这对 BTC 意义重大

CryptoQuant’s latest weekly report, shared with CryptoPotato, said that bitcoin miners’ revenues have jumped 78% from the July lows, profitability has improved, and the extreme miner outflows have disappeared.

After concluding that these major network participants have emerged from their toughest period of the year, CQ added that BTC’s price could further benefit due to the removal of this consistent selling pressure.

Selling Pressure From Miners Is Fading

The report highlighted no extreme miner outflow events since August 21, when roughly 29,000 left wallets associated with them as the cryptocurrency’s price rallied from under $65,000 to $76,000. The largest daily outflows were approximately 12,000 BTC, within what the analytics company considers a normal range.

Older miners are also selling substantially fewer units. Excluding Patoshi-associated BTC, Satoshi-era miners moved approximately 600 units out of their wallets in September, around 70% below January’s 2,000 BTC. At the same time, their combined holdings remain close to 590,000 bitcoins.

The trend extends to larger modern miners as addresses holding between 100 and 1,000 units saw their collective balance drop by about 20%, from roughly 64,000 BTC in December 2025 to 51,000 BTC by early September. However, the figure has since stabilized rather than continuing to decline.

Although CQ admitted that miners are not accumulating yet, the report determined that the persistent selling pressure has stopped. This is a notable change from early August, when we reported that major miners, including MARA and Riot Platforms, were continuing to move BTC to NYDIG amid difficult industry and market conditions.

Why Such a Change?

The report explained that miners are not obligated to sell right now because BTC has rallied 45% from under $58,000 at the start of July to over $83,000 this week. This lifted the total daily miner revenue from $27 million to around $48 million, which shows a 78% increase. Transaction fees also recovered from a seven-day average of $195,000 to $275,000, although they remain far below the peaks seen in 2025.

CryptoQuant’s Miner Profit/Loss Sustainability Indicator shifted from “extremely underpaid” between May and August to “fairly paid” after August 21. This means miners earning enough to cover operating costs need less to liquidate BTC just to stay afloat.

Bitcoin’s hash rate has recovered as well, going from under 900 EH/s in late July to over 960 EH/s, while its drawdown from the previous peak narrowed from 18% to 13%. CQ interprets this as mining capacity returning rather than operators capitulating.

However, the report outlined a missing piece. Miners have stopped selling, but they have not yet started rebuilding their BTC balances. CQ believes a sustained return to accumulation would provide an even stronger signal that the backbone of the Bitcoin network has shifted decisively from a source of market supply to long-term holders.

The post Bitcoin Miners Stop Selling Aggressively: Why This Could Be Big for BTC appeared first on CryptoPotato.