Bitcoin miners are now selling fewer coins than last month. This could signal that these essential market participants are optimistic about the future.

Do Bitcoin miners stop selling?

In Glassnode’s latest The Week Onchain report, there is one exciting thing about miners, among other things. A 30-day change in miners’ wallets shows they are now selling 50% fewer coins than at the beginning of September.

Bitcoin mining is getting more popular in Guatemala. Read about the BTC mining there right here!


However, looking deeper into the data, Glassnode found that a “large portion” of miner sales were associated with miners who were associated with one of Poolin’s main mining pools.

Until recently, Poolin was one of the largest Bitcoin mining pools and accounted for 12% of the total hashrate at the beginning of September. However, his hashrate began to plummet shortly after. Reason? Indeed, the mining pool has admitted that it has “liquidity issues due to recent increasing withdrawal requests.”

As Glassnode data showed, today, Poolin contributes only 3.7 percent of the hashrate of the Bitcoin network.

Bitcoin Miners net position change is a critical on-chain metric that Bitcoin investors should monitor. And this is especially so given that it indicates the beliefs of some of the most interested market participants. Selling by miners is also often seen as a prerequisite for a new bull run to begin. Many traders are thus patiently waiting for the so-called “miner capitulation” to occur.

(BTC) Bitcoin remarkably stable

The authors of the report also note other points of interest. Commenting on the state of the broader bitcoin market, Glassnode says in its statement that the price has remained “remarkably stable” in the face of a challenging macroeconomic environment.

Such quiet periods are very unusual for Bitcoin. The market behaved similarly before the crash in November 2018 and the rally in March 2019.

Amid global chaos in mainstream markets, Bitcoin prices remain remarkably stable, in a months-long consolidation between $18,000 and $20,000. It is scarce for BTC prices to stay this stationary for an extended period, indicating an increased likelihood of volatility on the horizon.


Bitcoin’s mining hashrate hit new all-time highs this week, driving up the cost of producing BTC as miners’ incomes are still recovering from the recent capitulation. According to numerous models, the average cost of producing BTC is just below current prices, so that any significant price drop could turn the already implied income stress into acute and very explicit stress.

This risk could manifest as a second-degree capitulation of the miners, with approximately 78.4 thousand still in the miners’ wallets of BTC pieces. However, the possibility that this entire quantity would be sent to the market at once is improbable.