Analyzing why Bitcoin’s biggest sellers have gone quiet right now

Is there not as much pressure to sell Bitcoin [BTC] as it seems?

Miners are keeping their holdings steady, giving us a calmer supply environment. While it may not be a trend reversal, one of the major sources of market pressure has definitely slowed down.

Here’s the rundown…

Miner exchange deposits have fallen hard

Miner deposit transactions are down, with the press time reading near 8,138 transactions – One of the lowest levels in recent times.

The value hinted at a slowdown from the heavy activity of late 2025, when miner deposits crossed 100,000 transactions at times.

Source: Cryptoquant

Since the start of 2026, the trend has slowed down. Spikes became smaller and less frequent and miners are not moving Bitcoin to exchanges as much as before. This is important because miner deposits are often linked to potential selling or profit-taking.

Miner reserves rebuild

That’s not all though as miner reserves are recovering from the lower levels seen around February and March, with the press time reading near 1.8M BTC. This basically means that miners are holding more Bitcoin instead of moving them out.

Source: Cryptoquant

Here, the March jump stands out, followed by a period where reserves stayed elevated. Even though reserves have since calmed from that local peak, they’re still above the lows of earlier in the year.

Lack of proper sell pressure

After the fall in deposit transactions and the rebound in reserves, miner netflows have not been showing consistent outflows either. In fact, most recent readings seemed to be close to neutral, with short jumps on both sides.

Source: Cryptoquant

There was a positive spike in late March, but it did not turn into a trend. Since then though, netflows have remained uneven, while Bitcoin has continued to trade near $77K.

As it stands, miners are not aggressively adding sell pressure. While it doesn’t guarantee gains, one key source of supply risk in the short term is being eliminated.

Source: Antpool

To understand this further, consider the mining economics. Most top rigs, including Antminer U3S and S23 variants, are operating well above their shutdown prices. Put simply, miners are not under any stress to liquidate.