Bitcoin miners have sharply reduced their on-chain transaction volume, reaching levels not seen since November 2022 according to blockchain data analytics. Sentora reports miners now contribute just 3.3% of total Bitcoin network activity—the smallest proportion in over two years.
The substantial decline indicates mining operators are increasingly holding Bitcoin rather than transacting with it, suggesting anticipation of future price appreciation. This hoarding behavior emerges against market uncertainties that echo conditions experienced during late 2022, including the FTX collapse and broader industry instability.
Analysts interpret reduced miner selling pressure as a potential sign of confidence in Bitcoin’s long-term value, despite ongoing market turbulence. The strategic shift toward accumulation reflects changing dynamics within the cryptocurrency mining sector during periods of economic pressure.