Bitcoin miner selling pressure has eased to levels last seen in mid-2023, with monthly average BTC inflows from miners to exchanges dropping sharply, according to on-chain analytics shared by CryptoQuant contributor Darkfost. The pullback suggests a temporary decline in one of the market’s more persistent sources of structural sell-side supply.
Miner Inflows Fall to “Historically Low” Levels
In a post on X, Darkfost reported that the 30-day average of BTC transferred from miner wallets to Binance has fallen to roughly 4,316 BTC. Measured across all exchanges, the figure is only slightly higher at 4,381 BTC, indicating the slowdown is broad-based rather than isolated to a single venue.
Darkfost said similar weakness in miner transfers to Binance was last observed on June 5, 2023, describing the current readings as “historically low.” Lower miner-to-exchange inflows are generally viewed as a sign of reduced immediate selling, since exchanges are a common venue for distribution. While on-chain flows do not capture every sale route, the trend points to a meaningful easing in near-term sell pressure from miners.
Weather-Driven Spike Has Reversed
The decline follows a short-lived uptick earlier this year tied to severe winter weather in the United States. During an ice storm in late January and early February, several large U.S.-based mining pools curtailed or temporarily halted operations, Darkfost noted. “Even when activity is reduced, however, fixed costs remain high, including electricity, infrastructure, and operational expenses. This situation likely pushed some miners to increase their BTC sales in order to maintain liquidity,” he wrote.
With operations normalized, the earlier increase in miner distribution appears to have faded, contributing to the current drop in exchange-bound flows.
Reserves Still Large; Market Context Mixed
Despite the easing, miners continue to hold an estimated 1.8 million BTC in reserves, according to Darkfost—ample supply that could re-enter the market if conditions shift. “The current decline in inflows suggests that miners have significantly reduced their BTC sales,” he said, framing the backdrop as constructive for now but not eliminating the risk of renewed distribution.
The miner data arrives alongside mixed signals from Bitcoin’s short-term holder (STH) cohorts. Darkfost said the market has spent nearly a month attempting to base above the cost basis of the 1-week to 1-month STH group, estimated around $68,200. That cohort is roughly flat, while higher-time STH groups still face steeper breakeven levels: approximately $83,500 for the 1–3 month group and $96,900 for the 3–6 month group. He added that the 1–3 month level recently acted as resistance as some short-term holders sold into strength, pushing the broader STH segment back into unrealized loss.
At the time of the analysis, Bitcoin traded near $68,553, per TradingView data cited by Darkfost.