Bitcoin (BTC) sales by miners have reached their lowest level in the past 12 months, according to data from on-chain analytics platform Alphractal. This is the first time this low selling pressure has been seen from this sector of the network since May 2024.  

This phenomenon coincides with a bullish surge in the price of the currency created by Nakamoto, which on April 25 again exceeded $95,000, a price not seen since February 24, 2025. At the time of writing it is trading around $93000.

The decline in miner sales may have contributed to a reduction in the circulating supply of Bitcoin, a factor that, along with increased demand and other market dynamics, fueled this recovery in BTC's value. 

A historical indicator that invites caution 

However, according to Alphractal's analysis, this coincidence does not always occur, since periods of low selling pressure (such as the current one) by miners can also be associated with phases of lateral consolidation or even falls in the price of Bitcoin .  

The following chart, provided by the same source, shows the correlation between miner sales (represented by the blue "Miner Pressure" line ) and the Bitcoin price (black line). The red shaded areas indicate periods of high selling pressure, while the green areas reflect periods of low pressure, such as the current one.  

Miners' sales fell to levels not seen since May 2024. Source: Alphractal.

Spanning the period from January 2022 to April 2025, the chart reveals, for example, a noticeable increase in miner selling pressure (blue line) and the red area from late 2024 to January 2025, aligning with an upward climb in BTC. Similarly, according to the previous image, this occurred from January 2024 to July 2023. 

On the other hand, at times when the green areas and the blue line reflected low levels of miner sales, such as in mid-2024 or late 2023, Bitcoin's price experienced bearish periods. However, Alphractal data also points out that there have been exceptions where low selling pressure coincided with positive price reactions, specifically "in December 2012, September 2013, several months in 2016, and July 2021.” In the current scenario, the decline in miner sales to May 2024 levels and the rise in Bitcoin price to $95,000 fits the pattern observed in those exceptions mentioned by Alphractal, where low selling pressure coincided with an increase in the price. 

“Currently, miner selling pressure remains low, suggesting that miners wisely sold their bitcoins in early 2025.” 

Alphractal Report. 

Key factors to monitor in the future 

Alphractal's report concludes by highlighting four indicators for assessing miners' upcoming moves : Bitcoin price movements, network   hashrate trends, mining difficulty adjustments, and the performance of publicly traded mining companies.

These factors could offer clues about miners' sales, because if market conditions deteriorate or if mining operating costs exceed revenue generated, miners could increase sales again, deepening a capitulation, a scenario that has historically impacted smaller or less efficient miners.