Bitcoin Miners Reserve
Are Miners Selling Their Bitcoin?
Miners have real bills, so they sell some of what they earn. Holding instead usually means they expect a higher price later.
Are miners selling or holding right now?
Miners Are HoldingMiners are selling unusually little of what they hold. Bitcoin is staying in their wallets.
A sign miners expect higher prices ahead — they'd rather sit on what they earn now and sell later.
How fast are coins leaving miner wallets?
Selling slower than almost ever — only 2% of the last 4 years saw a slower pace than today.
How much Bitcoin do miners still hold?
1.81M BTCIn miner wallets right nowThe total miners are still sitting on — falling means they're sending coins out.22/100Versus the last 4 yearsNear the low end of their 4-year range — they're holding less than usual.Is their stash growing or shrinking?
+0.02%Last 7 daysCoins piled back into miner wallets — miners held or added.Grew+0.05%Last 30 daysCoins piled back into miner wallets — miners held or added.GrewWhere does the rest of the Bitcoin sit?
WHERE ALL BITCOIN SITSLive data · as of Jun 29MinersLive1.81M BTC9.11%ETFsLive1.22M BTC6.13%ExchangesLive2.75M BTC13.8%Likely lost (10y+)Estimate (10y+ dormant)3.50M BTC17.6%Everyone elseComputed10.58M BTC53.3%Total Bitcoin in existence: about 19.86M BTC.
ETFs custody most of their Bitcoin on exchanges (Coinbase Custody), so the ETF and exchange slices partly overlap. Numbers are honest, the labels just count the same coins in two places.What does this mean for you?
Miners are choosing to hold — the people who run the network would rather keep their coins than cash them in.Miners are the small group that actually runs Bitcoin's machinery. They earn new coins every day and own them at the lowest cost of anyone in the market — so when they decide to sit on what they earn rather than sell, it's worth paying attention to.
Right now they're holding. Coins are leaving miner wallets at one of the slowest paces in four years. The bills haven't gone away — power, hardware, payroll — and they're choosing to cover them another way rather than sell into this price. That's the move of a group that expects more later.
This is the quiet, confident end of miner behavior. It stays a positive read as long as the pace stays this low. The one thing that would change it: coins starting to leave their wallets noticeably faster.
What to watch from here- Miners are selling unusually slowly — currently at the 2nd percentile of the last 4 years.
- The amount miners hold sits at the 22nd percentile vs the last 4 years — steady or building, not shrinking.
- Periods this quiet have historically lined up with miners signaling confidence in price. If the pace stays low while price holds, that's a continuing positive read.
Understanding Bitcoin Miners reserve and flow
Miners receive Bitcoin as a reward for processing transactions and securing the network — currently about 3.125 BTC every block, plus transaction fees. That Bitcoin lands in wallets that public blockchain analytics can identify because the way coins arrive in those wallets follows a recognizable pattern. When coins later leave one of those wallets, the next destination is usually an exchange (to sell) or a long-term storage wallet (to hold).
This page tracks how fast Bitcoin is leaving miner wallets relative to their total stash. The daily ratio (BTC sent out today ÷ total BTC held) is smoothed over 7 days to filter out one-off noise. Then today's pace gets compared against where it has sat over the last 4 years — that comparison is the percentile shown on the page.
Raw selling rates are hard to read on their own — they shift with reward halvings, mining difficulty, and changes in how wallet trackers label addresses. The percentile framing strips that out. "Miners Are Holding" (low percentile) and "Selling Heavily" (high percentile) mean the same thing across cycles. When the pace stretches toward either extreme, it usually means miner behavior has changed — and that's worth noticing.