Bitcoin miners have maintained and slightly increased their Bitcoin reserves even as their stocks faced significant losses over recent weeks. Currently, miners hold approximately 1.19 million BTC, representing just over 5% of the total Bitcoin supply, marking one of their highest accumulation levels since early May.
While Bitcoin’s price has struggled to break above the $64,000 threshold for a third consecutive attempt, mining stocks have not fared well. The Artemis Theme Tracker, which monitors 11 major mining stocks valued at nearly $103 billion, showed a decline of about 10% over the past month. Some miners experienced steeper drops, such as Iris Energy and Applied Digital, both down roughly 20%, while others like Hut 8 Mining and Hive Digital Technologies recorded moderate declines. Only Cipher Mining posted gains during this period, outperforming broader market benchmarks like the S&P 500.
Market indicators tracking miner behavior support the narrative of ongoing accumulation. The Bitcoin Miners’ Position Index (MPI), which compares current miner outflows to their one-year average, remains below average at -1.1, suggesting miners have been holding rather than selling their Bitcoin. Similarly, the Miner Supply Ratio, reflecting the proportion of Bitcoin supply controlled by miners, has steadily climbed since early July, reinforcing a trend of accumulation amidst challenging market conditions.
The decision by miners to hold or sell BTC has considerable influence on the market. Rising mining costs and Bitcoin’s recent price struggles could pressure miners to liquidate holdings, but so far, their commitment to retaining assets signals potential support for the cryptocurrency. The sustained accumulation contrasts with the dips seen in mining stock prices, indicating miners may expect a future price recovery or are prioritizing long-term holdings over short-term market moves.