Bitcoin: Despite the halving, BTC miners refuse to sell – Here’s why

• Bitcoin miners are holding post-halving, resisting sell pressure despite reduced block rewards.
• Stable reserves and moderate Puell Multiple suggest miners expect higher prices before selling.

Bitcoin [BTC] miners, often the market’s first to react to price shifts, are unusually calm post-halving. With daily block rewards now reduced to 3.125 BTC, miners would typically be expected to sell holdings to cover costs.

However, on-chain data tells a different story. Reserves remain stable, and selling pressure is minimal, defying expectations.

This unusual stillness signals strong miner confidence—a belief that Bitcoin’s next major price move is still ahead and likely upward.

Why do miners usually sell, and why are they holding now?

Mining isn’t cheap. Between electricity, hardware maintenance, and staffing costs, miners frequently sell their BTC to stay afloat. Historically, miner wallets see outflows during periods of market strength, cashing in when prices peak.

This cycle stands out as different. The post-halving squeeze has not led to mass selling. Instead, miners are holding onto their coins.

This shift suggests a strategic behavior change. Miners may be waiting for significantly higher prices before selling. Current levels do not seem like attractive exit points to them.

Bitcoin miner reserve data shows stability

The data showed a strikingly steady trend. From 1,808,315 BTC on the 25th of December 2024, to 1,808,674 BTC on the 3rd of May 2025, reserves have changed by less than 0.02%.

Source: CryptoQuant

This suggests miners aren’t actively distributing coins into the market, despite economic incentives to do so.

In past cycles, such stability has preceded major price advances, indicating that miners are in no rush to exit and instead may be front-running the next bullish leg.

Puell multiple data breakdown

The Puell Multiple stood at a moderate level. This indicator compares daily mining revenue in USD to the 365-day average. Readings above 2 often coincide with market tops and heavy miner selling.

Source: CryptoQuant

Today’s mid-range value showed that miners are neither under stress nor overly euphoric. It’s another sign they’re content to wait. Historically, when the Puell Multiple is calm and reserves are steady, the market has room to grow before hitting a peak.

As of now, Bitcoin miners are acting more like long-term investors than forced sellers. As long as they hold, Bitcoin’s upside remains intact.