Despite a significant downturn in profitability, Bitcoin miners are demonstrating remarkable resilience, holding onto their assets and even accumulating more, a trend that provides a strong undercurrent of support for the BTC price. According to a recent analysis by Ki Young Ju of CryptoQuant, daily Bitcoin miner revenues plunged to a two-month low of $34 million on June 22. This decline is a direct consequence of dwindling transaction fees and Bitcoin's price consolidation, which has seen BTC trade in a range, currently hovering around $109,340 after a 2.3% gain in the last 24 hours. The pressure on miners is palpable, yet the much-anticipated wave of miner capitulation and forced selling has failed to materialize, creating an intriguing dynamic for traders monitoring supply-side economics.

On-Chain Data Reveals Miner Resilience Amidst Profit Squeeze

The squeeze on miner profitability is further evidenced by a 3.5% dip in the network hashrate since June 16, marking the most notable pullback in computational power this year. A lower hashrate signifies that less efficient miners are powering down their rigs as their operations become unprofitable. However, on-chain data reveals that this operational pressure is not translating into sell pressure. Outflows from wallets associated with miners have remained surprisingly muted. Data from CryptoQuant shows a steady decline from a peak of 23,000 BTC per day in February to approximately 6,000 BTC at present. Critically, there have been no significant spikes in transfers from miner wallets to exchanges, which would be a classic signal of intent to sell and a bearish indicator for the market.

Long-Term Holders and Satoshi-Era Wallets Signal Confidence

The conviction among long-term Bitcoin holders, particularly the earliest miners, remains steadfast. Wallets tied to the Satoshi era—participants who mined BTC between 2009 and 2011—have shown almost no activity. These OG miners have sold a mere 150 BTC so far this year, a stark contrast to the nearly 10,000 BTC they offloaded in the previous year. This holding behavior from the most seasoned market participants is a powerful signal of long-term confidence. Furthermore, this trend is not isolated to the oldest players. Mid-sized mining entities, identified by wallets holding between 100 and 1,000 BTC, are actively accumulating. These addresses have collectively added over 4,000 BTC since March, pushing their total holdings to the highest level since November of last year. This accumulation during a period of price consolidation suggests they are strategically positioning for a future price rebound, preferring to absorb short-term operational costs rather than sell their BTC at current levels.

Broader Market Context and Trading Implications

The absence of miner selling provides a solid foundation for Bitcoin's price structure. With a significant source of potential supply pressure remaining on the sidelines, BTC has a clearer path to challenge key resistance levels. Currently, BTC is trading between a 24-hour low of $106,834 and a high of $109,650 on the BTC/USDT pair. If this miner HODLing continues, it could provide the stability needed for bulls to push beyond the $110,000 psychological barrier. This on-chain strength is complemented by a burgeoning risk-on sentiment in the broader cryptocurrency market. Several major altcoins are posting stronger gains than Bitcoin, indicating that capital is beginning to rotate into higher-beta assets. For instance, the ETH/BTC pair has climbed 3.5% to 0.02358, while the SOL/BTC pair is up 3.3% to 0.00141930. The standout performer is AVAX/BTC, which has surged by an impressive 6.7%, signaling strong momentum in the Layer-1 ecosystem. For traders, this environment presents compelling opportunities for relative value trades, potentially favoring altcoins that are demonstrating strength against Bitcoin. The combination of steadfast miners and a resurgent altcoin market suggests a cautiously optimistic outlook, even as miners navigate a challenging revenue landscape.