Bitcoin miners halt sales as BTC gains 20% since hash ribbon 'buy' signal

Cointelegraph2025/05/14 09:14

By:William Suberg

Bitcoin miners may be reversing a lengthy selling trend that has become more intense since late 2023, recent data shows.

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Key points:

Bitcoin miners have stopped selling their BTC in what may signal the end of a lengthy distribution streak.
Over the past month, miner wallet balances have increased by around 2,700 BTC.
Hash Ribbons data shows good times continuing for both miners and BTC price strength.

Bitcoin ( BTC ) accumulation by miners is back as network participants swap selling for hodling at $75,000 lows.

Data from onchain analytics firm Glassnode shows that miners are now actively adding to their BTC reserves.

Bitcoin miners buck months of selling

Bitcoin hitting multimonth lows in April sparked a sea change in miner behavior, with a lengthy selling streak reversing into significant accumulation.

Glassnode shows that shortly after BTC/USD bottomed just below $75,000, the balance in miner wallets itself found a floor, only to then start increasing along with price.

Miner wallets held 1,794,622 BTC on April 12, while as of May 13, they had reached 1,797,330 BTC — an increase of 2,708 BTC or 0.15%.

BTC balance in miner wallets. Source: Glassnode

While minimal in terms of total miner holdings, the turnaround is conspicuous as it follows a run of selling that initially gained momentum in late 2023. This, in turn, has led to optimism over the BTC price trajectory.

“Extremely bullish for Bitcoin!” trader and investor Mister Crypto summarized in a reaction on X, referencing similar data from onchain analytics platform CryptoQuant.

Miners have stopped selling.

Extremely bullish for Bitcoin!
— Mister Crypto (@misterrcrypto) May 14, 2025

Earlier, Cointelegraph reported on decreasing miner sell-side pressure helping contribute to price trend, with institutional buy volumes dwarfing the amount of mined BTC per day.

📊MARKET UPDATE: #Bitcoin miner selling pressure is at its lowest since 2024.

A low value implies that miners are holding their coins and are not increasing the $BTC supply in the current market, which is positive for the price.
— Cointelegraph Markets Research (@CointelegraphMT) May 10, 2025

Hash Ribbons deliver classic BTC bull signal

A classic metric covering miner behavior continues to display classic performance since its latest “buy” signal.

Hash Ribbons, created by quantitative Bitcoin and digital asset fund Capriole Investments, uses two moving averages of hashrate to delineate periods of “capitulation” among miners.

BTC/USD 1-day chart with Hash Ribbons data. Source: Capriole Investments

Since offering its last market entry tip in late March , BTC/USD has gained around 20%.

“The hash ribbons are still flashing a buy signal here,” Mister Crypto commented in a post on the phenomenon this week, predicting BTC price to “go much higher in May.”

Bitcoin Hash Ribbons data. Source: Mister Crypto/X

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